Corporate governance
Accounting management
Balance sheet
See Also
What Is Financial Management?Equity (finance)
Best insight from top research papers
Financial management involves several key elements. These include resource mobilization, program priorities, budgeting process, economic activity, information systems, financial performance, competitive advantage, human resource management, and audit quality . Additionally, financial management encompasses the basics of financial measurement such as profit and loss, balance sheet, cash flow, work in progress, inventory, cost of goods, and key financial ratios . It also involves planning, budgeting, forecasting, and monitoring . Furthermore, financial management focuses on the formation, distribution, and use of financial resources to achieve the objectives of the enterprise . Lastly, financial management helps determine the financial requirements of a business and involves financial planning . Overall, the key elements of financial management include resource management, financial measurement, planning and forecasting, and financial optimization.
Related Questions
What is the concept of financial management for projects?4 answersFinancial management for projects involves diligent management of project funding and financial resources to ensure project success. It includes concepts such as project accounting, tracking financial progress, and managing project costs and cash flow. There are three main types of financing: equity, debt, and government grants, with both conventional and unconventional sources available. Conventional sources include shareholders, banks, and international investment institutions, while unconventional sources include leasing assets and debt/equity swapping. Financial management in project planning and development requires financial modeling and budgeting to effectively manage costs and investments. It is crucial for the implementation of current activities and the development of new projects.What is the Objective of Financial Management?5 answersThe objective of financial management is to ensure the success and sustainability of a company by effectively managing its financial resources. This includes managing company liquidity, which has a positive impact on financial performance and profitability. Financial management also plays a crucial role in adapting to global economic processes and maintaining financial stability in a turbulent market environment. In the context of construction companies, financial management aims to generate profit and provide financial stability by managing fixed and current assets, equity, and external capital. For small and medium enterprises (SMEs), financial management is seen as an alternative to navigate the current market conditions and generate competitiveness through new principles, techniques, and financing practices. The financial component of business management focuses on maximizing the satisfaction of corporate needs, managing business parameters such as profitability, financial stability, risk level, and value, and ensuring the growth of owners' welfare.What are some biblical principles of financial management?5 answersBiblical principles of financial management include proportionality, transparency, integrity, sowing and reaping, and the Golden Rule. These principles, if applied consistently, can establish trust and support both market and stakeholder values within the world of finance. The Sowing and Reaping Principle highlights the importance of recognizing the uncertainty gap between sowing and harvest times and the role of Divine Presence in completing the vacuum. The Golden Rule, a fundamental message in the Bible, provides a solid starting point for ethical thinking in financial matters. Additionally, the virtues of integrity, justice, and righteousness are integral to the efficient functioning of financial markets and the financial performance of businesses. The Bible also emphasizes the importance of stewardship and ethical behavior in accounting practices, reflecting the directives to manage God's creation. These biblical principles offer guidance for ethical and responsible financial management.What are the key elements of a model to improve government financial management?5 answersThe key elements of a model to improve government financial management include: 1) transformation of the goals of government cash management, which leads to a transformation of the tasks involved; 2) adherence to the principles of economic feasibility and efficiency in managing government cash, as well as specific principles of government cash management; 3) close interconnection between tasks such as cash forecasting, fund raising, temporary fund placement, and financial risk management, which should be considered when using management tools; 4) development of a computerized optimization model that supports long-term budget planning and analysis, enabling informed decision-making, risk reduction, and enhanced governance quality and transparency at the local government level; 5) consideration of macroeconomic, microeconomic, and geopolitical factors in financial planning and forecasting, with a focus on improving efficiency through performance and inappropriate use of budget funds criteria; 6) implementation of a regional financial information system in government institutions, which positively impacts user performance and the effectiveness of financial management.What are the key principles of good university financial management?3 answersGood university financial management is characterized by several key principles. Firstly, it should aim to achieve and maintain financial sustainability and stable development of the institution, while also supporting the achievement of strategic goals and current tasks. Secondly, it should provide stability to the institution, allow for investment and renewal, and facilitate the exploitation of opportunities. Thirdly, it should ensure transparency and accountability, enabling good governance and effective decision-making. Additionally, it should allocate resources efficiently in line with the institution's strategic plan. Furthermore, it should include a balanced financial approach that properly resources and manages the structures and activities related to quality assurance goals. Lastly, it should establish internal control regulations, improve the internal control system, strengthen the cultivation of internal control concepts among staff, and enhance key control on financial management.What are the key elements of strategic management?5 answersStrategic management involves the formulation and implementation of major goals and initiatives on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates. The key elements of strategic management include strategic planning, which is an organized, step-by-step review of the business, the economy, and the environment in which the business operates. It also involves adjusting the organization to changing market conditions by taking into consideration the characteristics of the environment and the organization's own potential and ability to act. Additionally, strategic management involves the formulation and implementation of major goals and initiatives based on consideration of resources and an assessment of the internal and external environments. The practice of strategic management should be based on the principles of sustainable development and prioritize strategic values such as people, personnel, partnership relations, preservation of the environment, and satisfaction of the interests of all participants in the business process.
