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Answer Posted / shoukatali
Financial management seeks to plan for the future such that
a personal or business entity has a positive flow of cash.
The term ‘financial management’ has a number of meanings
including the administration and maintenance of financial
assets. The process of financial management may also
include identifying and trying to work around the various
risks to which a particular project may be exposed.
Some experts refer to financial management as the science
of money management – the primary usage of the term being
in the world of financing business activities. However, the
process of financial management is important at all levels
of human existence, because every entity needs to look
after its finances.
From an organizational standpoint, the process of financial
management is the process associated with financial
planning and financial control. Financial planning seeks to
quantify various financial resources available and plan the
size and timing of expenditures
In the business world, this means closely monitoring cash
flow. The inflow is the amount of money coming into a
particular company, while outflow is the record of the
expenditure being made by the company in various sources
At the corporate level, the main aim of the process of
business organization is to achieve the various goals a
company sets at a given point of time. Businesses also seek
to generate substantial amounts of profits with the help of
a particular set of financial processes.
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