Krish Essay

1153 WordsFeb 24, 20155 Pages
The Necessity of Financial Education in Today’s Community and Organizations Every organization, irrespective of its size or ownership pattern, has to manage its finances. The overall objectives of an organization cannot be achieved in the absence of financial management. Many organizations fail in their objectives because of financial mismanagement. Hence, financial management is vital for all types of organizations, profit making as well as non-profit making. In case of non-profit making organizations also the effectiveness and performance depends on their financial resources management. Effective, efficient managers are valuable resources to any organization. They help to keep productivity high, cost low, enforce rules and regulations, provide structure, and solve problems. Managers do not have time to show their selves worthy now days since there are so many talented managers without jobs (Gaster & Gaster, 2006). Successful managers use planning, organizing, leadership, and control skills to run thriving companies. Managers handle unexpected situations every day by knowing how to use the four management functions (planning, organizing, leading, and control) to manage a company’s finance. This essay talks about the four finance management functions and how it helps us develop understanding and skills in financial management that are necessary for survival and success in the merciless commercial world today. To begin with, "Planning is the management function of systematically making decisions about the goals and activities that an individual, a group, a work unit, or the overall organization will pursue" (Bateman & Snell, 2007, p.16). Planning is important for managers to use. Planning help to give companies goals and adjectives that companies can strive to achieve. Planning helps to show employees where a company is headed, why a company wants to

More about Krish Essay

Open Document