Scope of Financial Management

Scope of financial management is vast and important to business. It is involve in all level of management and all fields of human activities. We can prove that without good financial management, no organization can be alive. Organization (duplicate name of selfish group of people) is helpful for people and wants welfare of public. But, it need fund, money and cash and for getting it, it uses techniques of financial management. So financial management makes his place everywhere. Never understand it as the name of book but it is practical science to support business to live respectful life in society.

We can divide financial management scope into three major parts:-

1. Financial Management in New Companies

A new company spends large amount on production and marketing but it should ignore proper use of its fund. Financial management’s gateway is new company and if new company ignores financial management study, it means it is ignoring cash, inventory, debtors and fixed assets management. Past study reveals that big organization or companies did not trade even one year and before one year they took their baggage and became liquidated. Why? Because, given debt was demanded from these companies by creditors. By answering no, court had liquidated them. So, if you are starting new company, become regular readers of financial management.

2. Financial Management in Old Companies

Old company can survive in long run, if it is capable to pay debt timely, to pay salary on time and to pay other daily expenses. Because old company has good reputation in financial market, so financial management’s some part like working capital management is very significant. Old company should try to increase growth rate by using new techniques of financial management.

3. Financial Management in NGO

In this material age, every work is becoming business. Only NGO are working not for profit aim. Its aim is not to earn money but here is also question of its existence. Like survive of company, NGO can live only and only after proper management of its cost and management of cost can be taught only in financial management. So, NGO are also under the scope of financial management. Every NGO wants to provide free services long time. Without, use the techniques of financial management, NGO starts misuse the scarce sources of public. After revealing this fact, public may reduce to donate to NGO, so NGO should be aware about financial management.

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Accounting Education: Scope of Financial Management
Scope of Financial Management
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