What is financial governance in business?

[Good-Person]

Financial governance is a very broadly used term. It is used when we talk about macroeconomics and microeconomics. Financial governance refer to a process where a company manages expenses and controls expenses. This also includes generating revenue and using the revenue in order to deal with different kinds of financial problems faced by the company. It is all about "governing" the finances. So, why do you think it is very important?

 

[Heatman]

Financial governance is a very broadly used term. It is used when we talk about macroeconomics and microeconomics. Financial governance refer to a process where a company manages expenses and controls expenses. This also includes generating revenue and using the revenue in order to deal with different kinds of financial problems faced by the company. It is all about "governing" the finances. So, why do you think it is very important?

Financial governance can equally been seen as financial management because it involves how company's track all their financial transactions, business operations, manage business performances and control all the data related to the business. This helps to solidify the company's position in sticking to being profitable in their business.

 

[Frank]

Financial governance can equally been seen as financial management because it involves how company's track all their financial transactions, business operations, manage business performances and control all the data related to the business. This helps to solidify the company's position in sticking to being profitable in their business.

This is right. When a company have a department that helps them to see what is going on in the company in terms of finances, then we can call the team a financial management team or as the poster said the financial governing team of the company. They ensure that everything that has to do with money is done in the right way.

 

[Heatman]

This is right. When a company have a department that helps them to see what is going on in the company in terms of finances, then we can call the team a financial management team or as the poster said the financial governing team of the company. They ensure that everything that has to do with money is done in the right way.

All businesses that want to ensure the progress and sustainability of the business, the management must make sure that everything about the financial management and accounting of the business is done without any flaw. They need the best team of experts to handle the job otherwise it's going to be a major disaster for the business.