Finance and its assignments:
The main objective of any business is to sell products or services and to gain a profit. Financial knowledge helps us to know additional ways to make money and leads to successful business. We know, finance is the most dominant factor in business. Without finance or its knowledge, business activities could not be carried on. Financial knowledge is required to maximize the value of the firm. It would not be wrong to say that finance is the heart or lifeblood of business organizations.
The various ways in which Finance helps to improve business is explained in the following section of Finance Assignment Help Online.
- Management of Accounts Receivables- Accounts Receivables is an important area where financial knowledge is an essential requirement. Financial concepts such as shortening the due period, offering discounts for early payments, charging a penalty for late payments, etc. are applied in the management of accounts receivables.
- Borrowing money- Expansion of a business includes the launching of new products, the establishment of different branches, contributing funds to joint ventures, etc. For the expansion of business, the organization or firm should have the ability to borrow money. Financial knowledge helps the management to know how lending process works, about the business credit rating and many other financial related concepts.
- Investment- One of the methods followed by businesses to increase their cash is to invest the available cash. Financial knowledge allows understanding of a variety of investment options available to invest.
Financial Management and its assignments:
In a nutshell, the management of finance is known as financial management. It is a part of general management that deals with the finance function of the business. Some of the importance of financial management includes the acquisition of funds, financial decisions, proper use of funds, financial planning, promote savings, etc. Financial management is an integral part of an overall business in any business firm.
Importance of Financial Management in business explained in Financial Management Assignment is given below: –
- Budgeting- This area of financial management deals with the planning of all expenses. It is the planning process in which the exact amount to be invested or spent is decided and the business works accordingly. Budgeting is an important factor as it helps the business to run with sufficient resources to achieve the predetermined objectives.
- Financing- Businesses avail themselves different types of financing such as business loans, business lines of credit, business credit cards, etc. Business financing is a valuable tool that helps the business to expand.
- Bookkeeping- The process of periodic tracking of company’s financial activities (sales and expenditures) and submitting in the form of report is known as bookkeeping. It provides information such as profit, loss and balance sheet statements.
- Financial Planning- The main function of financial management is financial planning. With the help of financial management, the manager can determine the financial requirements of the company. It helps in the growth of company, organization or firm.
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