Assuming you have no prior knowledge of financial management, this section will serve as an introduction to the basics of financial management. Financial management is the process of making decisions about how to best use a company's financial resources. It includes planning, forecasting, and controlling a company's finances.
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The goal of financial management is to ensure that a company has enough money to meet its financial obligations and achieve its strategic goals. A key part of financial management is creating and maintaining a budget. A budget is a plan that outlines how a company will use its income and expenses over a period of time.
Budgeting is important because it allows companies to track their progress toward their goals and make adjustments as needed. Financial management also involves decision-making around investments and financing. Companies need to decide which projects to invest in and how to finance them in order to maximize returns.
The different types of financial management
1. Public finance:
This type of finance is concerned with the financial affairs of government bodies, including central and local governments.
2. Corporate finance:
This type of finance is concerned with the financial affairs of private businesses, including both listed and unlisted companies.
3. Personal Finance:
This type of finance is concerned with the financial affairs of individuals and families.
