Definition of Financial Management
The term Financial Management refers to effective and efficient use of economic resource. James Horne has given an effective definition of the term Financial Management. According to him, “”Planning is an inextricable dimension of financial management. The term financial management connotes that funds flows are directed according to some plan”. Financial Management Assignment Help and Financial Management Homework Help is required by students who are pursuing Studies in Accounting and Finance.
Financial Management helps the top level management in taking effective decisions. Decisions can be taken in the areas of:
- Investment decisions: Financial Management helps in taking decisions in the areas of Investment in fixed assets and regarding whether funds should be invested from Shareholders fund or whether it should be financed through outside entities such as banks, Public Financial Institutions, Debenture holders etc.
- Dividend decision: Financial Management helps managers to ascertain whether it is right time to distribute Dividend to shareholders.
Objectives of Financial Management
- To make sure that funds are supplied to the parties in time.
- To see that the return to shareholders are adequate comparing to market standards of the same industry.
- To see funds are invested in the right place so that return on investment would be adequate to meet the needs of Shareholders.
- Planning a sound capital Structure for maintaining balance between Debt and Equity. Capital Structure means the proportion of Debt and Equity in the Capital employed.
- To utilize funds in the best possible manner available. Financial Management team continuously strive for getting maximum possible return by deploying least money.
Functions of Financial Management
Major functions of Financial Management include:
- Management of Cash
- Estimation of Capital requirements
- Investment of funds
- Determination of Capital Structure
- Determining the Choices from where funds should be procured
- Financial Controls
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