Finance is integral part of any business and hence its management, that’s how the term Financial Management originated. Better financial management leads to better growth of companies and individuals and makes profits which further leads to expansions and investments. No individual or company can survive without quality financial management. Financial Management is science of supporting business and securing respectable place in society. Financial Management can be divided over following three segments.
Any new and upcoming organization spends big amount of money in production and marketing. In the beginning normally cash inflow is nil and cash outflow is largely high. This is where Financial Management applies in new organizations. Application of financial management tells business managers about cash, inventory, debts and fixed assets which help them in taking right business decisions. Good financial management fixes the place of organization among society and industry as reputed one which leads to quality business and growth.
Established brands in market can not do away with financial management. As it’s a regular process. Without doubt old companies have longer survivability as they are capable in paying salary on time as well as debts. But without good financial management there shall be always danger of getting trapped in debts and losing brand value. Financial Management helps old companies in maintaining growth rate and thus to generate more revenue for expansion and investment.
Financial Management is an integral part of NGOs as well though they are not for profit groups. Application of financial management provides better sustainability to organization and hence offering public services in long run. When an NGO not utilizes techniques of financial management its starts misusing public funds, in turn the strength of such NGO becomes weaker which leads to ultimate shut down of the organization.
Above mentioned facts about financial management indicates that services of good quality financial managers are needed everywhere, be it a start up, or an established brand or a not for profit group. Same time every individual needs to be good financial manager to look after personal finances for healthy living. Services of financial managers are needed in every industry.
Considering the demand for quality human resources in financial management, institutes in India offers post graduate diploma and degree programs in financial management. Entry into these courses is available for graduate students in any stream, viz; science, commerce, engineering etc. With growth of industry and economy financial management becomes hot career choice for management aspirants. For more details financial management as a study discipline in India click here.