Financial Management

Introduction to accounting and budgeting in nonprofit organizations, as well as financial best practices and controls.

What is financial management?

"The business function concerned with profitability, expenses, cash and credit..."

What is the main objective of financial management?

"...maximizing the value of the firm for stockholders."

What resources does financial management focus on acquiring and deploying?

"...short- and long-term financial resources..."

Who do financial managers typically report to?

"Financial managers (FM) are specialized professionals directly reporting to senior management, often the financial director (FD)."

How is the function of financial management categorized?

"The function is seen as 'Staff', and not 'Line'."

What does financial management aim to ensure regarding organizational objectives?

"...to ensure the objectives of the enterprise are achieved."

What specific areas of an organization does financial management monitor?

"Profitability, expenses, cash and credit..."

What is the role of financial management in relation to an organization's means?

"...so that the organization may have the means to carry out its objective as satisfactorily as possible."

How does financial management contribute to an organization's success?

"...to carry out its objective as satisfactorily as possible."

What is the primary focus of financial management?

"The efficient acquisition and deployment of financial resources..."

Who benefits from the value maximization efforts in financial management?

"...stockholders."

What is the significance of profitability in financial management?

"Profitability" is one of the key areas of concern in financial management.

Which department within an organization is responsible for financial management?

"The financial director (FD)"

What is the broader role of financial management within a company?

"...the business function concerned with profitability, expenses, cash and credit..."

What is the purpose of efficient acquisition of financial resources?

"...to ensure the objectives of the enterprise are achieved."

What is the role of financial management in managing cash and credit?

"The business function concerned with... cash and credit..."

Who are financial managers accountable to?

"...senior management"

What is the significance of expenses in financial management?

"Expenses" are one of the key areas of concern in financial management.

How does financial management contribute to an organization's long-term success?

"...efficient acquisition and deployment of both short- and long-term financial resources..."

What is the primary focus of financial management in relation to organizational objectives?

"To ensure the objectives of the enterprise are achieved."