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Financial Management

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Financial Management


Every organization, irrespective of its size or ownership pattern, has
to manage its finances. The overall objectives of an organization
cannot be achieved in the absence of financial management. Many
organizations fail in their objectives because of financial
mismanagement and this failure rate is quite high among the small
business enterprises. Hence, financial management is vital for all
types of organizations, profit making as well as non-profit making. In
case of non-profit making organizations also the effectiveness and
performance depends on their financial resources management.

Financial Management

When we attempt to analyze the financial functions of an organization
we find that funds (capital) have to be:

Ø Procured

Ø Allocated for various activities

Ø Used effectively

Ø Monitored

Further, the results of all these have to be recorded also. All this
brings to fore a three dimensional financial process...

... middle of paper ...

...budgeted performance on the basis of actual level of
activity. The actual performance of each area of responsibility is
measured through general accounting system in financial terms.

Financial managers also go in for periodical review of budgetary
performance and then apply corrective measures to ensure that the
future performance is as per the budgets.

There are many other aspects related to financial management and it is
suggested that an entrepreneur should utilize the services of a
financial consultant.

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