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FINANCIAL MANAGEMENT Any company, whether it is a start-up or a well-established corporation, requires careful financial management and investment. And financial management is the umbrella that covers all aspects of investment and finances.
Identifying what needs to emerge financially in order for the organization to meet its short- and long-term objectives. • Providing up-to-date financial information and data to assist business leaders in deciding the best strategy to execute strategies. • Controlling, or ensuring that each department contributes to the vision while staying within budget and on track. ROLE OF FINANCIAL MANAGEMENT IN BUSINESS
IMPORTANCE OF FINANCIAL MANAGEMENT Financial management is essential for organizations and enterprises because it creates the basis for achieving company objectives and goals. Here are a few reasons why financial management is so important in a company:
Help you in the financial planning • Assists in the management of funds • Provides information to help you make important financial decisions • Reduces financial costs • Increases the organization's profitability and worth • Employees are informed about financial savings and investments • Aids in the organization's future growth planning • Aids in the attainment of economic stability
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