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IDENTIFY SOURCES AND ADVICE ABOUT METHODS AND SERVICES FOR ANAGING INDIVIDUALS FINANCE
Broadly speaking, the process of financial management takes place at two levels. At the individual level, financial management involves tailoring expenses according to the financial resources of an individual. [ Individuals with surplus cash or access to funding invest their money to make up for the impact of taxation and inflation. Else, they spend it on discretionary items. They need to be able to take the financial decisions that are intended to benefit them in the long run and help them achieve their financial goals. From an organizational point of view, the process of financial
management is associated with financial planning and financial control. Financial planning seeks to quantify various financial resources available and plan the size and timing of expenditures. Financial control refers to monitoring cash flow. Inflow is the amount of money coming into a particular company, while outflow is a record of the expenditure being made by the company. Managing this movement of funds in relation to the budget is essential for a business. At the corporate level, the main aim of the process of managing finances is to achieve the various goals a company sets at a given point of time. Businesses also seek to generate substantial amounts of profits, following a particular set of financial processes. Financial managers aim to boost the levels of resources at their disposal. Besides, they control the functioning on money put in by external investors. Providing investors with sufficient amount of returns on their investments is one of the goals that every company tries to achieve. Efficient financial management ensures that this becomes possible. Strong financial management in the business arena requires managers to be able to: Interpret financial reports including income statements, Profits and Loss or P&L, cash flow statements and balance sheet statements Improve the allocation of working capital within business operations Review and fine tune financial budgeting, and revenue and cost forecasting Look at the funding options for business expansion, including bo long and short term financing ]
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Expert answered|selymi|Points 8872|
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Asked 9/16/2012 3:47:38 AM
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