The role of financial management in achieving profits

[Sariana23]

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.

I can imagine how they dealt with such a situation. I worked for a while in a bank in my country, and there were the 3 superiors, manager, assistant manager and plant officer, robbing the agency. People who did not have the need to steal and did it out of bad habits, when the audit arrived, the 3 were fired without the possibility of returning to work in financial institutions.

 

[Mostee501]

The role of financial management in achieving profits has to do with the control of the finances in an investment/business to know when their are losses and gains or at equilibrium,these will determine the expenditure of that establishment.

 

[Shigobad20201]

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.

Yes i believe the works and the functions of of a financial managements is to manage, oversee and coordinates the resources and revenue of the company in order ro ensure that the company will be able to function properly and get enough gains and returns

 

[Sariana23]

Yes i believe the works and the functions of of a financial managements is to manage, oversee and coordinates the resources and revenue of the company in order ro ensure that the company will be able to function properly and get enough gains and returns

This is exactly what must be done, with a good administration, control of resources, being very attentive to income and controlling expenditures so that there is no misappropriation or unnecessary expenses. All of the above is the job of the financial manager, who must report daily or weekly to the partners or owners of the results.

 

[DareIsrael]

The role of financial management in achieving profits has to do with the control of the finances in an investment/business to know when their are losses and gains or at equilibrium,these will determine the expenditure of that establishment.

Yeah you are totally right. Their roles has to do with finance in the company. A corrupt financial manager can still company funds easily because they are the ones who balance the company money. Both the profit and the loss.
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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 managers are responsible for the financial 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.

 

[Setho]

Sometimes in business, it just takes careful and some spot on financial management to get the best out of the business. You should be able to evaluate your finances from time to time to know the areas to which you need to put more attention to.

 

[Sincerem]

Ability to have a spreadsheet, examine how much is going out and how much I'd coming in, will enable an entrepreneur to stay afloat in financial stability when it matters to his or her business.

 

[nimzy]

if financial accounts are managed by visionary managers then that will go along way in promoting the vision and set goal of the establishment.

 

[Kunkun]

Financial management more like financial literacy is not only a necessity in business today but a constant for business owners who wish to fully maximize their profits and plan ahead

 

[Senator]

The role of financial management in the success of a business enterprise cannot be over emphasized. It helps you in the budgeting process

 

[Setho]

A lot of people have failed in their business because they have been careless with their finances. Careful financial management helps you to know the best performing aspect of your business.

 

[Setfragil]

The roles of financial management can not be overemphasized in business profits making. It is very important to make sure that business financial records are well prepared and maintained at all time so as to put the business in a good financial view. Daily recording of sales appropriately and keeping of balance sheet is very paramount.

 

[Spicywilfred]

Financial department in an establishment helps to boost companies income by taking care of the expenditure flow in the company. The lesser the expenditure the higher the company can save more.

 

[Sheyemanu]

In reply to your question in the above post concerning the role of financial management in helping to make profit for your business, well I habe to say the role of financial management in any business cannot be overstated and overemphasized

 

[Kunkun]

The role of financial management on achieving profits is an essential one because without proper and effective management, a business could run at a loss. I think it's important that all businesses nowadays have a financial manager and advisor because in the long run it would be a good thing for the business

 

[Senator]

Financial management is key to the business in order to make profits. Without proper financial management in the running of a business enterprise, the business is doomed to fail already. Financial management helps a business in it's spending more appropriately.

 

[Setho]

You always open a business because you want to make profits, and in this, you have to get your finances right and spend very wisely for you to have a chance in making profits.

 

[Jlife]

Management of all the finances and expenses in the business is one of the most important factors, because this will directly improve the profit of an organisation proper management in business is very important.

 

[akinlolu99]

The monetary director or manager guarantees benefits is expanded and treatment of cash is done fittingly. They additionally plan how cash ought to be spent. The issue I do have with them is that they are for the most part into false activities.

 

[Setho]

When you open a business, it is all about the finances there. You should ensure that I is a department you track and protect very well with records.