3 Answers
Financial management is a crucial part of any business. It is one of the most important tasks that every company must undertake.
The characteristics of financial management are as follows:
- Financial management is about managing finances and resources for a business's operations, growth, and profitability.
- The main objective of financial management is to ensure that the company has enough funds to meet its objectives.
- Financial managers work with other managers and employees in order to establish a company’s financial strategy.
A financial management process includes planning, budgeting, controlling, and evaluating the performance of a company.
The following are some of the characteristics of financial management:
- It is a process that is used to manage business activities in order to optimize profits, reduce costs, and ensure long-term sustainability.
- It involves making decisions about how money should be managed during various stages in the life cycle of a business.
- It includes strategic planning and setting goals for long term success.
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