What is Financial Management?

Financial management is the activity concerned with planning, raising, controlling and administering of funds used in the business.” – Guthman and Dougal

“Financial management is properly viewed as an integral part of overall management rather than as staff especially concerned with funds raising operations.” – Ezra Solomon

Role of Financial Management in Modern Business

  • To Forecasting flows of cash.
  • To Raising the funds for smooth operations of the company.
  • To manage the internal flow of the cash or funds.
  • To control the cost of manufacturing.
  • To the management of long-term funds.
  • To manage the price of the product.

Importance of Financial Management in Modern Business

  • Financial Management Helps to Set Clear financial goal.
  • Financial Management Helps organizations in financial planning.
  • Financial Management Helps organizations in utilizing and allocating the funds.
  • Financial Management Helps to Increases the overall value of the organizations.
  • Financial Management Helps to provides economic stability to the organizations.

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