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Financial management refers to effective and efficient management of the cash in such a manner to complete the objectives of organization. It is focused on functions who are directly associated with top management.

Financial Management is an Operational Activity of business that is responsible for the obtaining and effectively utilizing funds essential for the efficient operation. The Business finance deals primarily with the rising administering and disbursing funds by the privately owned business units operating in the non-financial fields of the industry. The Financial Management is area of the financial decision making, opposite individual motives and the enterprise goals.

Financial management is an area of the business management devoted to the judicious use of capital and careful selection of the sources of capital in order to enable the business firm to move in the direction of capacity to its goals. The Financial management is application of the planning and control function to finance function. The Financial management may be defined as the area or set of administrative function in organization which is relate with arrangement of the cash and credit so that the organization may have the means to bear out its objective as the satisfactorily as possible.


There are three key elements to the process of financial management and they are:

Financial Planning:  The Management requirements to ensure that enough financial support is available at the right time. In the medium or long term, funding may be essential for significant additions to productive capacity of business and to make acquisitions.

Financial Control:  The Financial control is critically significant movement to help the business ensure that business is meeting it is objectives. The Financial control addresses questions such as:

1. Are assets being used proficiently?

2. Are the businesses resources safe?

3. Do management act in best interest of the shareholders and in accordance with the business rules?

Financial Decision-making: The key aspects of the financial decision-making relate to the investment, financing and dividends.

1. Investments must be financed in some of the way however there are always financing alternatives that can be rash.

2. A key financing decision is that whether profits earned by business should be retained rather than distributed to the shareholders via dividends.


Financial management has extensive scope.

1. Anticipation: Financial management estimates the financial needs of business. it finds out how much finance is required to the company.

2. Acquisition: It collects finance for company from the special sources.

3. Allocation: It uses this collected finance to the purchase fixed and current assets for business.

4. Appropriation: It divides company's profits among debenture holders, shareholders, etc. It keeps part of profits as reserves.

5. Assessment: It is also controls all financial activities of the business. Financial management is most important functional area of management.


The objectives of the financial management are depicted and discussed below.

The Profit maximization; The Wealth maximization; The Proper estimation of total the financial requirements; The Proper mobilization; The Proper utilization of finance; The Maintaining proper cash flow; The Survival of the company; The Creating of reserves; The Proper adroitness; Create helpfulness; The Increase effectiveness; The Financial authority; Reduce the cost of capital; The Reduce operating risks; and Prepare capital structure.


Functions of the financial management can be broadly divided into the two groups.

1. The Executive functions of the financial management.

2.The  Routine functions of the financial management.


Services: These services are include centralized collection, payment, and reporting services, oversight of daily cash flow of nearly $58 billion into and out of the federal accounts, disbursement of extra than $1.5 trillion to extra than 100 million individuals via the Social Security and veterans benefits issuance of the tax refunds and the other federal collection, payments of extra than $2.67 trillion per year in payments to government during the financial institutions and collection of the delinquent debts owed to government.

Credit gateway: Financial Management Service started to the use Credit Gateway as deposit program for receipt of the federal agency Fed wire or Automated Clearing House credit transactions. It is effort to the modernize collections and the cash management programs of the US Department Credit Gateway is operated by the commercial bank and that has been designated as the financial agent of government.

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