Financial Management

             Financial management refers to specific planning of the usage and management of a company's financial resources to attain its objectives as a business concern and return maximum value to shareholders. Strategic financial management involves precisely defining a company's business objectives, identifying and quantifying its resources, devising a plan for utilizing and other resources to achieve its goals, and establishing procedures for collecting and analyzing data, making financial decisions, and tracking and analyzing  between budgeted and actual results to identify problems and take appropriate corrective actions.

                                                 Lab budgeting process

Financial planning management needs to ensure that enough funding is available at the right time to meet the  needs of the business. Financial control helps the business ensure that the meeting its objectives.

3 Seperate budgets are developed during the budgeting process

          Operating management

          Capital budget

          Cash budget

Financial management of your small business encompasses more than keeping an accurate set of books and balancing your business checking account. You must manage your finances so you don’t overspend and so you remain prepared for all expenditures, as well as profit distributions. Your financial management responsibilities affect all aspects of your business. A company that sells well but has poor financial management can fail.