Finance is a relatively wide term from business field. It is a sub branch of economics dealing with money, funds, acquisition as well as management of that money including the assets and liabilities. So as a whole it is a vast field to cover and remember the figures all by oneself. It is the spirit of business, it keeps the business in form and flourishing to keep it in motion. To keep a business in market and keep it growing you need to manage its finances. Financial management is an important part of your ever-growing business. It helps you to set a clear vision in your mind regarding your business. It not only keeps record of your money but also ensures its record availability which results in profit maximization.
Its main objectives are:
- To maintain an equilibrium in debt and equity capital.
- To ensure that procured capital is utilized in its optimum profit scenario.
- To ensure supply of the money to respected shareholders.
- To ensure that invested money is returned safely.
How it works?
Financial management functions in following ways:
- Estimation of money: The manager has to take decision regarding the future money matters. This includes estimation of profits, loss and future policies that would affect the economic situation of company in future.
- Capital structure: After the estimation has been made and decision is made, structure is developed. In this version debt is analyzed depending upon the current possessions of the business.
- Investor mind: The manager has to think of those businesses to invest his capital which will maximize his profit.
- Profit divider: Now the manager has to think where to put the newly gained profit whether to pay the debt, or to give the employees a bonus maybe invest it back or start another venture.
After all this now you have observed how much is this management necessary for you venture to which you have given everything and expect it to prosper so as to maximize the profit. Its importance cannot be neglected.
Since its inception, computer is in use for business. Before that it was a long tiring job to keep accounts record and transaction list updated as well management of all other finances including the pays of employees as well. But after that digital renaissance, that tiring job has now been given to softwares which not only allow you to enter just the numbers but also prompt you of an error and they can also show the record of previous transactions from an account in just matter of seconds which if given to human would take at-least an hour. It saves time, effort and fatigue through which human had to go through.
Talking about its pros some are enlisted below like:
- Speed: It increases the speed in a way that it cut offs the overhead of manual calculation and it can also be used in a way tomanage account with automation.
- Accurate: It increases accuracy in a way that it reduces the human error of miscalculation. Manually human used to keep record in record books which were then read by human to calculate and while writing or reading there’s a chance of mistake which is minimized by softwares.
- Cost: It reduces cost because it increases the speed and requires a small team so there’s no need of keeping a big team instead keeps a software and stay away easy from that end.
SBS Financials has replaced Quickbooks, Oracle, Microsoft Dynamics in companies like yours.
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