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Invest in general knowledge: What is Financial Management?

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Invest in general knowledge: What is Financial Management?

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Financial Management is a vital activity in any organization. It is the process of planning, organizing, controlling, and monitoring financial resources with a view to achieving organizational goals and objectives. It is an ideal practice for controlling the financial activities of an organization such as procurement of funds, utilization of funds, accounting, payments, risk assessment, and every other thing related to money.

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Invest in related studies: What are the 7 components of Financial Management?

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Invest in related studies: What are the 7 components of Financial Management?

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Funding Agreement

Bank Accounts & Transaction

Cash Handling & Transaction

Controls to be exercised

Stock & Inventory Management

Cashbook maintenance

Petty Cash

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Invest in broader perspective: What are the 4 elements of Financial Management?

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Invest in broader perspective: What are the 4 elements of Financial Management?

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Managing and Assessing Risk

Identify, analyze, and mitigate uncertainty in investment decisions.

Evaluate the potential for financial exposure; examine capital expenditures (CapEx) and workplace policies.

Budgeting

Help the company function with financial efficiency, and reduce waste.

Identify areas that incur the most operating costs, or exceed the budgeted cost.

Ensure sufficient liquidity to cover operating expenses without tapping external resources

Planning

Define objectives precisely.

Identify and quantify available and potential resources.

Write a specific business financial plan.

Establishing Ongoing Procedures

Collect and analyze data.

Make financial decisions that are consistent.

Track and analyze variance—that is, differences between budgeted and actual results.

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Invest in action: See the importance of Financial Management

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Invest in action: See the importance of Financial Management

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What is Financial Management for Businesses?

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Get to know more about FM with this video

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Get to know more about FM with this video

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RockWealth - IFA - Chartered Financial Planners

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The word ‘accounting’ comes from the French ‘computer’ meaning to count or score

Before a standard numbering system was created, ancient accountants kept track of animals and grain with clay tokens

Income tax was originally introduced as a temporary measure to finance the war against France

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MY PERSONAL REVIEW | Invest in discoveries: What financial management element is appropriate for adults to engage?

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MY PERSONAL REVIEW | Invest in discoveries: What financial management element is appropriate for adults to engage?

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Since adults have wider knowledge and understanding about financial management, especially in terms of handling their assets/properties, a suitable element for them to engage will be the "managing and assessing Risk." Smart decision-making and execution of measures are highly required in this aspect because there will be a need for analyzing the potential threats/barriers which have the high possibility to employ risk and danger in the stand of one's business. Besides, managing these threats is also relevant to execute so that they won't further yield serious issues. This is not just applicable to those adults who have a business, but also to those individuals who need organization in their expenses, debts, and the like. By applying the element, they'll be prevented from facing extreme loss in properties and cash inclusion.

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MY PERSONAL REVIEW | Invest in discoveries: What financial management element is appropriate for teens to engage?

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MY PERSONAL REVIEW | Invest in discoveries: What financial management element is appropriate for teens to engage?

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The online shopping industry has brought huge productivity to the state of the economy in terms of their excellent service and operation since the pandemic began. Many people, especially teens have been browsing and checking for products that they can purchase online. Moreover, it is also their responsibility to consider managing their cash outflow because overspending might lead them to encounter loss in their properties. Thus, there will be a need for BUDGETING or the process of creating a plan to spend your money. As a teen, I admit that I have the habit to buy all the things that I want to though it is not included on the priority list. Because of that, I'm not being able to purchase what I need. Budgeting is also applied when you need to evaluate the items you've bought. This is to check if the amount of money given for shopping is properly and accordingly used.

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MY PERSONAL REVIEW | Invest in discoveries: What financial management component is the most important for businesses to run?

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MY PERSONAL REVIEW | Invest in discoveries: What financial management component is the most important for businesses to run?

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As an ABM student, I find Cashbook maintenance as the most important component to operate, knowing that recording of accounts, movements, and transactions have significant involvement in assessing the company's state if there is something to refine, improve, or mitigate. Besides, it also acts as supporting evidence when a business faces mishandling of properties since all the records are thoroughly listed and documented, any changes in movements may be detected. A cashbook has a wide range of scope, especially in terms of the outflow and inflow of cash. It is more than evaluating the movement of an account, it is also about practicing organizations and preventing mistakes. Every item or account imputed in the book has respective functions in the movement, it can either contribute to the growth or loss of a company. May we realize that this account, when not properly listed according to its function may provide mistakes, and lead to complications.

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MY PERSONAL REVIEW | Invest in discoveries: What Financial Management component is best to prepare when a business is yet to start?

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MY PERSONAL REVIEW | Invest in discoveries: What Financial Management component is best to prepare when a business is yet to start?

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In the business world, there are tons of regulations, laws, and requirements in order to properly execute a business transaction or operation. But, before they start, they need to be oriented to the economic laws, especially the controls to be exercised in business. Without these guides, there are chances that will violate the set rules and may provide a risk to their business and consumers. Also, these controls will determine the process of movements of business accounts such as the cash flow, activities, and limits.

Here are some of the controls needed to conduct based on the information given by FundsForNGOs:

No access to third parties towards the safe or accountant. Cash is only paid to third parties in the front office.

Only one person is designated to handle cash and is solely responsible for it.

A fixed time period is specified for cash disbursements. Emergency payments can only be released during other times.

Strict observance of minimum and maximum cash limits.

Cash receipts/payments accounting is done on a day-to-day basis.

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Accountants control the ballots for the Oscars.

The words ‘debits’ and ‘credits’ come from the Latin words ‘debitum’ and ‘creditum’

The first recorded name in history belonged to an accountant.

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OTHER Information to have an investment in:

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OTHER Information to have an investment in:

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What Is the Ultimate Objective of Strategic Financial Management?

The goal of strategic financial management is to ensure that long-term goals are properly planned for and ultimately met.

What Is the Scope of Strategic Financial Management?

Strategic management can encompass all aspects of a firm's long-term objectives. Financial management often plays a key role in this, which involves cost reduction, risk management, and budgeting.

What Are the Benefits of Strategic Management?

Having a long-term focus helps a company maintain its goals, even as short-term rough patches or opportunities come and go. As a result, strategic management helps keep a firm profitable and stable by sticking to its long-run plan. Strategic management not only sets company targets but sets guidelines for achieving those objectives even as challenges appear along the way.

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Invest through visuals: Explore the world of financial management through representations

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Invest through visuals: Explore the world of financial management through representations

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Recording the Movement of Accounts

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Invest through visuals: Explore the world of financial management through representations

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Invest through visuals: Explore the world of financial management through representations

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Evaluation of Cashflows

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Invest through visuals: Explore the world of financial management through representations

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Invest through visuals: Explore the world of financial management through representations

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Analyzing Investment Sources

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Information and Content Sources:

James, M. (n.d.). Strategic Financial Management Definition. Investopedia. Retrieved March 5, 2022, from https://www.investopedia.com/terms/s/strategic-financial-management.asp

7. Components of Financial Management. (n.d.). FundsforNGOs. Retrieved March 5, 2022, from https://www3.fundsforngos.org/financial-management/7-components-of-financial-management/

2. What is Financial Management? (n.d.). FundsforNGOs. Retrieved March 5, 2022, from https://www3.fundsforngos.org/financial-management/2-what-is-financial-management/

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