Financial Management an Overview

Financial management can be described as the management of finances which is related to planning, organizing, directing and controlling the financial activities like procurement and utilization of funds of a company.

Objectives of Financial management:

Following are the objectives of the financial management:

1. Supply of regular and enough funds to the concern.
2.  To ensure adequate returns to the shareholders this will depend upon the earning capacity, market price of the share, expectations of the shareholders.
3.  To ensure optimum funds utilization. Once the funds are procured, they should be utilized in maximum possible way at least cost.
4.  To ensure safety on investment, i.e., funds should be invested in safe ventures so that adequate rate of return can be achieved. 

Importance of financial management:

The importance of the financial management can be explained as management that concerns with money.  It helps in managing money in all parts of life.  Financial management mainly deals with personal financial management and organizational financial management. Personal finance management will help you manage the finance of your home which includes budgeting; saving, investing, debt management and other aspects related to personal money where by an individual can achieve personal goals. Whereas organizational finance management means the management of finance of a business or organization in order to achieve financial objectives. The major objective of financial management in an organizational structure is to provide wealth for business, generate cash and gain maximum profit from the investments of the business considering the risks involved. Financial management is very important for both organizations as well as for individuals as it helps in managing the funds. It helps a firm or an individual to make most of the use of money in order to achieve maximum profits.  The lack of financial management can lead to business loss or may even lead to closure of business. By studying financial management we can protect the business from mismanagement of funds. Financial management will study the balance sheet of the company and keeps a watch on all sensitive facts that can endanger business into loss. It teaches us that we should think about cost, risk and control in any business and borrowed money must be minimum. It also explains the importance of time, risk and returns on investment.

 

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