Financial management encompasses creating and monitoring a budget, allocating profits appropriately, paying bills on time and billing customers accordingly as well as creating and maintaining systems for data entry and backup. Profit maximization and minimizing capital cost of operations are the primary goals of financial management, while maintaining cash flow is another short-term aim that allows a company to pay day-to-day expenses such as raw materials and utility bills. Budgeting Budgeting is one of the cornerstones of financial management. It involves estimating how much money a business needs and planning…
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