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Defination of Financial Management
Business financial management is the study of efficient management of finance, measuring the use of funds and how to raise working capital for effective use of capital of corporates in the business world. These require knowledge of financial measurement techniques which measures financial performance using financial analaysis, budgeting, activity based costing. Making the right corporate financial decisions to maximise returns of funds requires in-depth-knowledge of portfolio theory, valuation techinques, hedging, average cost of capital and capital structure. A financial management policy needs to consider financial management risk in the business world.
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Why is Financial Management Important
Accountants play an important role in the financial management function of an organization capital requirements as well as the sources of financing including the methods of raising capital and the cost of financing. As part of their corporate planning function, accountants are involved in formulating financial management policy objectives within the overall objectives of the organization as well as overseeing its smooth implementation. Upon completion of the financial management degree course, students will be abe to understand financial management concepts and theories.
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Financial Management Concepts and Theories
- Understanding the functions and activities of business financial management policy and how they relate to the organization.
- Understanding the finance function and how it relates to its wider environment and strategic planning.
- Finding out the financial functions of financial markets and the operation of the stock exchange.
- Knowing the financial ratio analysis used in financial management planning and control.
- Knowledge of master financial planning, forecasting and budgeting, learning how to manage the financial management effectively in organization.
- Knowing how to use working capital and managing trade credit, inventory management and cash management effectively.
- Mastering skills and practices we need in the short and medium term financing.
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