Financial Management - Finals

Financial management refers to the efficient and effective management of money (funds) in such a manner as to accomplish the objectives of the organization. It is the specialized function directly associated with the top management.

The following are the objectives of financial management:

• create wealth for the business;
• generate a cash;
• and provide an adequate return on investment bearing in mind the risks that the business is taking and the resources invested.

We should able to meet our objectives in order to have a good flow of our business.

First of all we should know the key elements of budgeting process. Financial Planning, as an owner of the laboratory, we should plan all of the expenses that we are assuming to expense for the laboratory, so that we could meet the needs of the business. Next is, Financial Control, we should observe the laboratory that it is meeting its objectives. Lastly, Financial Decision-Making, the key aspects of this is to related to investment, financing, and dividends.

As an owner of the laboratory, we should consider the salary of your staff. It depends on their position or doings inside the laboratory.