What is the Function of Financial Management in Business?

[Suba]

Financial Management is an activity related to planning, managing, storing funds and controlling funds/assets. Businesspeople often make financial management the basis of their long-term business operations. Financial management is also often used by entrepreneurs to monitor how their business can make a profit and how much operational costs have been incurred. Financial management can also prevent and minimize risks.

 

[Starmix]

Financial management allows the business owner like me to monitor the flow of my business, check my expenditures, and check the sales profit daily and make a compare-contrast on some days that have a low and high sales.

 

[eLdavis]

Another function is to also help manage how the capital in the business is being used, to ensure that it is used properly for the benefit of the business.