Financial management is the process of achieving managerial efficiency and effectiveness in attaining organizational goals and objectives through planning, directing, monitoring, organizing and controlling of the monetary and financial resources (assets) and burdens (liabilities) of the organization or firm.
Functions of financial management
Financial management has various functions in the business organization as highlighted below,
a) Projecting capital requirements
This should occur at the before the firm is set up so as to avoid procuring too much or too little capital but sourcing just enough long term and short term capital.
b) Choosing the capital structure
This calls for choosing whether to finance the firm or company using owned capital (shares or equity) or owed capital (debt or loans) or the right mixture of both. Using too much equity means payment to owners or shareholders dividends will be too little as there are many shareholders and using too much debt burdens the firm with hefty interest payments to creditors.
c) Forecasting sales revenue, costs of sales and expenses
The finance manager has the mandate to forecast cash inflows and cash outflows of the business so as to create lee ways for budgeting and attaining efficiency in operating the business.
d) Informed investment decisions
A function of financial management is to allocate the money of funds for financing sources mainly debt and equity to the most optimal project or investment that will bring in the largest value to the firm over time. Use of investment decision criteria like Net present value and profitability index achieves this allocation fuction.
e) Distribution of profits between dividends, interest and retained earnings
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Financial Management is likewise an essential subject that students have to deal with. Financial Management is the optimum management of funds in a effective manner in order to achieve organizational goals and objectives. This subject is commonly taught in under graduate and post graduate courses of commerce and business management.
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