Wk 1 Discussion – Financial Management Tools [due Day 3]
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1) A business’s finance department is in charge of raising capital for the company, administering that capital inside the organization, and organizing how that capital will be spent on various assets.
The goal of financial management is to make sure that financial processes and activities are efficiently and effectively planned, organized, controlled, and directed within an organization in order to fulfill its goals and objectives.
2) The various types of tasks related to financial management include:
a)Planning for the firm’s resources and financial operations is known as financial planning
b) Capital management, which includes deciding on the capital structure and composition and the source of funding for capital requirements.
c) Cash flow management, which involves keeping track of accounts payable and receivables to make sure there is always enough cash flow available.
d) Financial reporting: keeps track of all required reports and forecasts financial activity using this data.
e) Risk management: Sets up plans for risk reduction and prepares the company to anticipate hazards.
f) Disposal of surplus-decisions about the organization’s income, such as the distribution of dividends or retained earnings.
g) Financial resource allocation and utilization—ensures that all resources are utilized effectively to ensure long-term viability, sustainability, and profitability.
i) Financial choices and controls: Use techniques like financial forecasting, ratio analysis, and profit and loss analysis to exert control over your money.
3) The following are the resources used by financial managers to obtain or track performance and health:
1) Accounting applications
2) Financial planning tools
3) Tools for tracking expenses
4) Software for managing payroll
5) Simple billing instruments
6) Inventory management software
7) Software for tax preparation.
I have submitted information (expenses incurred) to be utilized in the expense tracking tools as a worker for a financial business that required a lot of field work. This technology allowed the finance manager to easily, quickly, and accurately compensate me for any costs I incurred while I was on the move.