Financial management as a whole term comprises two part s 1)the word FINANCE 2) the word MANAGEMENT. Both the terms individually have very different meanings like FINANCE refers to money in all available forms like currency notes, shares of a company, valuation of your assets etc. Management, on the other hand, means efficient handling.
FINANCIAL MANAGEMENT as a whole refers to the efficient management of finances or funds to achieve certain objective generally of monetary safety or growth.
to quote a few great FINANCIAL EXPERTS:-“Financial Management is an area of financial decision making, harmonizing individual motives and enterprise goals.” By Weston and Brigham
- “Financial management is the application of the planning and control function to the finance function.” – by K.D. Willson
- “Financial management may be defined as that area or set of administrative function in an organization which relate with an arrangement of cash and credit so that organization may have the means to carry out its objective as satisfactorily as possible .“ – by Howard & Option.
FINANCIAL MANAGEMENT makes use of the quantitative and strategic knowledge of FINANCIAL MANAGERS to drive the financial resources and assets of the company in a way that the whole process is profitable for the growth of the organization.
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