Introduction

Finance is the lifeblood of any entity. Financial management and accounting are interrelated but Vividly accounting looks at the principles that operate within the discipline as well as their practical applications to situations concerning proper maintenance of records. On the other hand financial management critically utilizes the accounting principles to source and manage funds, thus also reducing cost to maintain strategic performance through Financial Planning. Financial planning is an exercise that involves the projection and allocation of scarce resources over time, and transformation of strategies and policies to maximize planned objectives effectively and efficiently. In a broader sense financial management is a component of accounting that uses financial systems to analyze and interpret financial statements and other tools used to present a true and fair picture of an organization?s financial position, adaptability, and profitability. A Financial management system is a combination of requisite financial & economic data that are accurately classified, summarized, for the purpose of further analysis and interpretations viable to users. Financial systems have to ensure that the money flows to those who value it the highest (ie those who can put it to the best use) and then back to those who invested in the first place with as little loss as possible. Financial management Information can be qualitative or quantitative depending on the nature of the transaction. Quantitative techniques help in the detail classification & analysis of cost and close estimates of economic resources for the purpose of determine possibilities of profitability, productivity, controllability and responsibility using techniques like cost volume profit (CVP), Activity base costing (ABC) and others. This helps in cost reduction that creates a framework for effective forecasting and budgeting. Projection is a critical part of the Strength, weakness, opportunities, and threats (SWOT) analysis resulting from strategy and tactical plan within the budgeting process. Businesses cannot operate effectively without estimating the financial implications of their strategic plan and monitoring their progress through out the year. Complete understanding of financial management can be seen when the necessary tools for interpreting the end results are utilized, and decision makers allowed to evaluate the quality in terms of verifiability, reliability, consistency, relevancy, acceptability for a fair and objective judgment to be drawn.

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LUBAN COLLEGE OF SOCIAL
SCIENCES & TECHNOLOGY

No 79E Station Road,
Via Jui Bridge, Allentown
Freetown,
Sierria Leone,
West Africa.

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