Financial Management Essay Example | Topics and Well Written Essays - 250 words - 4

Financial Management - assay ExampleFurther, humankind firmament enterprises argon more accountable to the stakeholders, being government and public, than private field undertakings. Financial management field is basically responsible for generating valuable information for the purpose of investing, financing and closing making and the role remains the same regardless of the type of organization. The finance managers in a public empyrean enterprise play many roles including1.Accounting and record keeping The nature of public sector accounting is quite different from that of private sector. In order to show the users of fiscal statements as considerably as the stakeholders the position of the entity and all its assets and liabilities, the status of funds etc the finance managers atomic number 18 responsible to maintain appropriate, repair and timely accounting records. That includes both financial and management accounting records. This in turn ensures that the funds are prop erly allocated to the areas of concern, the risks and returns are highlighted and presented to the top management and the state for decision making purposes, the areas facing a declination and requiring special2. Effective utilization and allocation of funds The earnings or funds allocated to public sector organizations are quite restrained and in that restricted budget a public sector entity has to get through its goals. Finance managers play an important role in the effective utilization of scarce funds to grasp as many objectives as possible within limited resources. For example if $20 million are annually allocate to a government hospital, the finance managers have to practically analyze the ways in which other costs can be reduced and more patients are treated in the allocated funds.3.making fund raising efforts Proper financial management and record keeping will lead to the financial managers identifying situation wherein they need to double their