Buy eBooks on How to Become Rich

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Introduction

The way a company handles its money is crucial to its success. But, like most other resources, money is limited. On the other hand, desires can be as big or as small as they want to be. Because of this, it is important for a company to have good financial management. Management of money and finances includes planning, saving, investing, spending, and other financial controls. There is also management of investment portfolios and portfolios as a whole.

What are the seven guiding principles of good financial management?

In order to effectively manage money, it’s important to keep in mind the following seven concepts.

• Taking responsibility (Accountability)
• The Standards of Accounting (Accounting Standards)Openness and honesty (Transparency)
• Survival (Viability)
• Having integrity (Integrity)
• Management (Stewardship)Unwavering consistency (Consistency)

How are finances managed?

Planning, spending, saving, and investing are all aspects of efficient financial management. Private bank consultants provide personal financial planning as a service. Commercial banks can help firms manage their finances.

Here are some advice on managing your finances.

• Responsible financial management begins with a budget.
• Save first, then spend.
• Set money goals
• Invest often
• Skip debt.
• Save ahead of time

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Principal financial management choices

In an effort to minimize the expenses of acquiring financing and maximize its profitability, managers in organizations make the following decisions:

• Expenditure Decisions

Managers must decide the quantity of long-term and short-term investments that can be made with the available funds. There are two varieties:

Long-term investment decisions and capital budgeting entail the commitment of finances for an extended period of time, similar to fixed assets. These decisions are irreversible and typically involve investments in buildings and/or land, the acquisition of new plants/machinery or the replacement of old ones, etc. These decisions impact a business’s financial pursuits and performance.
Short-term investment decisions or Working Capital Management entail allocating funds for a brief duration, such as current assets. These decisions entail investments in inventories, cash, bank deposits, and other short-term assets. They have a direct impact on the company’s liquidity and performance.

• Financial Choices

Managers also make decisions on financing from long-term and short-term sources (called Capital Structure) (called Working Capital). There are two varieties:

Financial Planning decisions pertaining to the estimation of sources and uses of finances. It is the process of anticipating an organization’s financial requirements in order to assure the availability of sufficient funds. The basic purpose of financial planning is to plan and assure the availability of finances when they are needed.
Capital Structure decisions include the identification of funding sources. They also involve decisions over whether to raise capital from external sources, such as the sale of shares or bonds, or from internal sources, such as retained earnings.

• Dividend Choices

These decisions pertain to the proportion of profits to be dispersed as dividends. Shareholders will constantly seek a greater dividend, whereas management would prefer to retain profits for operational needs. Consequently, this is a difficult managerial decision.

Conclusion

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