What is financial management?
Understand the Problem
The question is asking for a definition or explanation of the concept of financial management. This involves understanding how organizations manage their financial resources, including planning, organizing, directing, and controlling financial activities.
Answer
Financial management involves overseeing a company's finances to ensure success.
Financial management involves handling and overseeing a company's finances, including planning, organizing, directing, and controlling financial activities to ensure success and compliance with regulations.
Answer for screen readers
Financial management involves handling and overseeing a company's finances, including planning, organizing, directing, and controlling financial activities to ensure success and compliance with regulations.
More Information
Financial management is essential for aligning an organization's financial activities with its overall goals, ensuring that investments and costs are controlled to maximize profitability.
Tips
Common mistakes include neglecting financial planning or not regularly reviewing financial performance, both of which can lead to misguided strategies or financial instability.
Sources
- Financial Management Explained: Scope, Objectives & Importance - netsuite.com
- What Is Financial Management? - Oracle - oracle.com
- Financial management - Wikipedia - en.wikipedia.org
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