Financial Management Assignment Help
Both businesses and management should have fundamental skills in financial management. Dependence on anyone else for management of finances
would be disastrous. The fundamental skills of financial management begin with vital aspects of cash management and bookkeeping. Appropriate financial controls should be in place to maintain data integrity in financial management.
Business managers ought to be knowledgeable about generating financial statements from journal entries to analyzing the financial statements to feel the pulse of their business. Through financial analysis reality check is done with regard to the status of a business. Financial management is viewed as the core of management practices in general. For a business to be certified with a clean bill of health, managing finances in a prudent manner is crucial.
Financial Management could be defined as managing finances of a business or organisation prudently so that there is accuracy in financial forecasts. If the structure of a setup were to be taken into consideration then the main purpose of financial management would be
- creating wealth
- generating cash and
- ensuring sufficient return on investment
keeping in mind the business risks and the deployment of resources.
There are three main components to the financial management process namely
- Financial Planning
- Financial Control
- Financial Decision-making
It’s the management who has to decide whether or not adequate funds would be available on demand. In other words, whether there would be sufficient capital as and when needed in the business. Funding in the short term may be required for investment in assets tangible and intangible alike, for payroll purposes and to fund credit sales.
For medium and long term the necessity of funds would arise to enhance production capacity or for mergers and acquisitions. Hence financial control is a core function that monitors the performance of a business in terms of the business’s steadfastness in achieving its goals and objectives. In a broader sense, whether a business is true to its vision and mission. Through financial control the key performance indicators are addressed and they are:
Financial Decision Making
- Whether optimum and efficient utilization of assets is achieved
- How secure are the assets of businesses
- Are management decisions made keeping in mind stakeholder’s interests and best practices
The main facets of financial decision-making are as follows:
- financing and
Financing of investments are done by exploring alternative and the most viable option is considered. By selling new shares for example funds can be raised, taking loan from banks or through credit from suppliers.
The main decision with regard to financing is whether or not profits should be treated as retained earnings or should distribution of profits through dividends to shareholders be the norm. If dividend payout is exorbitant, the business
would be strapped for cash and would be unable to reinvest leading to stifled revenue generating potential and further increased profits.
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