Finals 2 - Key Elements to the process of Financial Management

Financial Management is defined as the management of finances of a business or organization in order to achieve financial objectives.

KEY ELEMENTS TO THE PROCESS OF FINANCIAL MANAGEMENT:

Financial Planning – in this key element the management needs to ensure that enough funding is available at the right time to meet the needs of the business.

Financial control – this key element helps the business ensure that it is meeting its objectives.

Financial decision making – in this key element, there were key aspects of financial decision making that are related to investments, financing and dividends.

These key elements are very significant on the business that is on the process of fulfilling its financial goals and objectives. These elements will be served as guides whether the plans and decisions that the organization is applying are still effective and will still maintain the goal and the objectives of its financial management.