Financial management
The financial management of an organization determines the objectives, formulates the policies, lays out the procedures, implements the programmes, and allocates the budgets related to all financial activities of a business.
The importance of financial management can be assessed by taking a look at its core mandate:
🔸Availability of sufficient funds
🔸Maintaining a balance between income and expenses to ensure financial stability
🔸Ensuring efficient and high ROI
🔸Creating and executing business growth and expansion plans
🔸Safeguarding the organization against market uncertainties through ensuring buffer funds.