What is Financial Management

Financial Management:
Financial management, is that branch of general management, which has grown to provide specialized and efficient financial services to the whole enterprise; involving, in particular, the timely supplies of requisite finances and ensuring their most effective utilization-contributing to the most effective and efficient attainment of the common objectives of the enterprise.
Financial management may be defined as planning, organising, directing and controlling the financial activities of an organisation.

According to Guthman and Dougal, financial management means, “the activity concerned with the planning, raising, controlling and administering of funds used in the business.” It is concerned with the procurement and utilisation of funds in the proper manner.
“Financial management is an area of financial decision-making harmonizing individual motives and enterprise goals.” —Weston and Brigham
The above definitions of financial management could be analyzed, in terms of the following points: 

• Financial management is a specialized branch of general management.
• The basic operational aim of financial management is to provide financial services to the whole enterprise.
• One most important financial service by financial management to the enterprise is to make available requisite (i.e. required) finances at the needed time. If requisite funds are not made available at the needed time; significance of finance is lost.
• Another equally important financial service by financial management to the enterprise is to ensure the most effective utilisation of finances; but for which finance would become a liability rather than   being an asset.
• Through providing financial services to the enterprise, financial management helps in the most effective and efficient attainment of the common objectives of the enterprise.
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