The role of financial management in achieving profits

[giddy]

Financial managers are responsible for thefinancial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization.

 

[Seun4luv]

Helps in improving the profitability of organisations; Increases the overall value of the firms or organisations; Provides economic stability; Encourages employees to save money, which helps them in personal financial planning.

 

[Tariq Shehzad]

Financial management has much role in the business economics, there should be a well management regarding the financial planning and management of a business. Finance is the back bone of economy.

 

[Presido]

The management of a business organization will surely determine the amount of profit the business will yield, there is a saying that ' how you lay your bed, so you lie on it, so it's the management that is I'll determine how the business will look like

 

[Sariana23]

The main function of financial management is to manage the resources of a company to ensure that they will be sufficient to cover the expenses so that the company can function properly. All commercial and financial operations carried out by the company must be recorded. In this way you will have clarity of the monetary existence.

 

[Mawome]

It's very simple at least if you can make at least $5 in a day I tell you, you are on your way to financial freedom, just try your best and maximize your business diversify it, make sure you have enough people I mean customers that although it depends on the types of product you have.

 

[Mikomataracy]

Role of financial manager is very important in an organisation or in business parastatal. One of the role of financial manager is to make good plan for the organisation and prepare away to execute it in a manner that its will favour the organisation.

 

[Domsimon]

Financial management is very key to making profit in business. It helps in forcasting financial future of a business. It also helps in curtailing unnecessary expenses and misappropriation of fund.

 

[Oche Diligence]

The role of financial plan in business is to sustain the business in order to achieve profits.
A realistic financial plan should be at the core of any business plan.
Financial plan means to budget your business on a grander and much more complex.
Financial planning can make your business can feel like aimless and unscientific tasks. Running a business requires many resources in order to achieve profits.

 

[Ralphjoe]

Good financial management in a business will lead to financial discipline in the organisation as the business will better be able to utilise it's finances in a rewarding manner thereby reducing the expenses that the business is expending on.

 

[tyrim88]

The fanancial depertment ensures that prospective investment that will bring in profit for the firm are suported with financing.
Proper accountability will ensure that the finance is always fliud for such venture.

 

[Heatman]

The main function of financial management is to manage the resources of a company to ensure that they will be sufficient to cover the expenses so that the company can function properly. All commercial and financial operations carried out by the company must be recorded. In this way you will have clarity of the monetary existence.

Exactly, it's very important that such arrangements are made and kept potentially and operationally active in order to avoid losses when it comes to preventing the company from running into loss because there are always staff who are ready to steal from the company anytime they see an opportunity to do so.

 

[Sariana23]

Exactly, it's very important that such arrangements are made and kept potentially and operationally active in order to avoid losses when it comes to preventing the company from running into loss because there are always staff who are ready to steal from the company anytime they see an opportunity to do so.

Yes, it is one of the most important functions, to avoid capital losses, and this observation is very important, because there are always people with financial needs or bad habits, who are willing to steal without measuring consequences. For this reason, all financial activities should be recorded.

 

[Felixko]

As a finance or financial manager there are so many ways to to with your finance in order to get profit but first and famous investment in organizations which are trust worthy individuals ad also invest in businesses which is very well moving and lucrative which you can earn more profit .

 

[Shigobad20201]

The role of financial departments or management in achieving profit for the company is by using and utilizing the resources they have at hand to gain more for the company, they have to manage what they have and draw a budget for the business.

 

[Donkiz]

Financial department of an organization is a unit tasked with the responsibility of determining whether the company is making profit or not. The are always part of the team that draws the company earning projections, as well as the amount expected to be expended to ensure that the company financial goals are met.

 

[Chris Jo]

The task of the financial department is to carry out financial planning to know what will be the situation in the future, before taking any decision. As for the second task, it is to develop some control standards to find out the reality of the financial position of the institution and to know the extent of rationality of the decision.
How does it contribute to increasing the income of the institution?

Financial management as the implies is all about coordinating, planning, directing, controlling and organizing the financial resources of any organization and that's what makes financial management important. Some ways in which it contributes to the growth of an institution is that it brings profit and gains, it allows allocation and proper utilization of financial resources and allows organizations make better financial decisions.

 

[zahidhussain]

Financial managment play important rule to run a buisness successfull you also have a better manager and experience emoloyees which play key roles in your buisness you also have a best planning about buisness

 

[Dowenship]

The task of the financial department is to carry out financial planning to know what will be the situation in the future, before taking any decision. As for the second task, it is to develop some control standards to find out the reality of the financial position of the institution and to know the extent of rationality of the decision.
How does it contribute to increasing the income of the institution?

No other task than to carry out financial planning to know what will happen in the future and also to plan ahead of difficulties. How It contribute to the increase in income of the institution is by not losing unnecessarily to unplanned situations.

 

[Heatman]

Yes, it is one of the most important functions, to avoid capital losses, and this observation is very important, because there are always people with financial needs or bad habits, who are willing to steal without measuring consequences. For this reason, all financial activities should be recorded.

I have actually experienced this money theft in the past where I have worked as a departmental head supervisor. A staff who was in the finance department ended up stealing over 40 million Naira and it brought all hell in the company when an audit was done.