Functions of Financial Management

Money is a finite source and thus financial management is the most vital aspect for any organization, especially if it is a business. Ensuring there is no wastage of funds, financial management means organizing, monitoring and controlling decisions, including financial planning and directing and controlling the financial activities such as procurement and utilization of funds of the organization. This management function uses tools, practices and strategies and applies general management principles to financial resources in order to better manage the financial activities of the enterprise. Aligning enterprise goals and individual motives are key to good decision-making for the organization.

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