Financial management refers to the efficient and effective management of money (funds) in such a manner as to accomplish the objectives of the organization. It is the specialized function directly associated with the top management. The significance of this function is not seen in the ‘Line’ but also in the capacity of ‘Staff’ in overall of a company. It has been defined differently by different experts in the field.
It includes how to raise the capital, how to allocate it i.e. capital budgeting. Not only about long term budgeting but also how to allocate the short term resources like current liabilities. It also deals with the dividend policies of the share holders.
Definitions of Financial Management
- “Financial Management is the Operational Activity of a business that is responsible for obtaining and effectively utilizing the funds necessary for efficient operation.” by Joseph Massie
- “Business finance deals primarily with rising administering and disbursing funds by privately owned business units operating in non-financial fields of industry.” – by Kuldeep Roy
- “Financial Management is an area of financial decision making, harmonizing individual motives and enterprise goals.” By Weston and Brigham
- “Financial management is the area of business management devoted to a judicious use of capital and a careful selection of sources of capital in order to enable a business firm to move in the direction of reaching its goals.” – by J.F.Bradlery
- “Financial management is the application of the planning and control function to the finance function.” – by K.D. Willson
- “Financial management may be defined as that area or set of administrative function in an organization which relate with arrangement of cash and credit so that organization may have the means to carry out its objective as satisfactorily as possible .“ – by Howard & Opton.
- Business finance can be broadly defined as the activity concerned with planning, raising, controlling and administering of funds and in the business. “By H.G Gathman & H.E Dougall Financial management is a body of business concerned with the efficient and effective use of either equity capital, borrowed cash or any other business funds as well as taking the right decision for profit maximization and value addition of an entity.- Kepher Petra; Kisii University.
DOCUMENT IN COMPRESSED FILE
“Financial Management” Seminar Report
Page Length: 23 Pages
- Definitions Of Financial Management
- Approaches Of Financial Management
- Objectives Of Financial Management
- Goals Of Financial Management
- Relationship Of Financial Management With Other Branches
Include with “Financial Management ” PPT
Page Length: 27 Pages
- What is Financial Management
- Scope of Financial management
- Components of Financial management
- Importance of Financial management
- Finance function
- Investment decisions
- Functions of Financial management
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