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Explain the importance of financial management.
Financial management provides pathways to attain goals and objectives in an organisation. The main duty of a financial manager is to measure organisational efficiency through proper allocation, acquisition and management.
The importance of financial management is explained below −
- It provides guidance in financial planning.
- It assists in acquiring funds from different sources.
- It helps in investing an appropriate amount of funds.
- It increases organisational efficiency.
- It reduces delay production.
- It cut down financial costs.
- It reduces cost of fund.
- It ensures proper use of fund.
- It helps business firm to take financial decisions.
- It prepares guideline for earning maximum profits with minimum cost.
- It increases shareholders’ wealth.
- It can control the financial aspects of the business.
- It provides information through financial reporting.
- It makes the employees aware of saving funds.
Updated on: 06-Aug-2020
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