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Managing financial resources and decisions

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Finance officer
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About the document

Published date
documents in English
case study
3 pages
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Validated by
  1. Introduction
  2. Managing financial resources and decisions
  3. Upon completion of preparation of the statements of finance, different users use it differently
  4. Sources of fund
  5. Conclusion

Financial resource management is a process through which the management maximizes resources available through implementing controls and managing cost. This is made boosted by the use of financial statements that reflect the real position of the firm. In essence, financial planning is the brainchild of any investment. It facilitates decision making on the best investment, how much to spend on it and what to expect from the investment. Financial managers use investment appraisals to present their decisions. It gives a detailed report on the viability of the investment and whether or not it should be adopted.

Financial planning involves making financial decisions over time for the benefit of the company. This helps in cash management. Since businesses go through cycles of booms and recession, they may be thrown out of the market due to setbacks like debt and recessions of economic crisis. Financial planning helps minimize expenditures during the low revenue periods and avoid overspending. Through this cash can be saved which is later invested in other capital investments of the company. Financial planning also helps businesses stay organized. Progress and change are inevitable in any business. Keeping a record of this helps businesses stay organized and stable. With time, plans are updated and revised to suit current situation and trends. Once identified, profiting trends can be followed.

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