Evaluate The Strategic Role Of The Fina
Evaluate the Strategic role of the financial manager in a modern business organization
1. Front Page
2. Content
3. Introduction to Financial Management
4. Traditional role of a financial manager
5. Strategic or modern role of financial manager
6. Conclusion-Comparisons, advantages and disadvantages
Introduction
This article attempts to evaluate the strategic role of the financial manager in a modern business organization. Before we enter into the evaluation it is important to define some of the key concepts involved in finance and financial management. Then this article will discuss the historical evolution of the concepts of finance and the financial management throughout the history. Then this article will make a comparative analysis of the traditional role of a financial manager and the modern role of financial manager. Finally this article will discuss the pros and cons in modern and traditional financial management systems.
What is Finance
Finance is defined as the art and science of managing money (Khan and Jain). Finance also is referred as the provision of money at the time when it is needed. Finance function is the procurement of funds and their effective utilization in business concerns. The concept of finance includes capital, funds, money, and amount. But each word is having unique meaning. Studying and understanding the concept of finance become an important part of the business concern.
What is Financial Management
There are four functional areas in management namely financial management, marketing management, operational management and human resource management where all four areas has its uniqueness and differences and play a major role in overall management. It can be argued among these four functional areas financial management is the important one since rest of the functional areas are dependent on finance. Thus it is true financial management is the life blood of a business organization.
It can be explained the financial management in simple
1. Front Page
2. Content
3. Introduction to Financial Management
4. Traditional role of a financial manager
5. Strategic or modern role of financial manager
6. Conclusion-Comparisons, advantages and disadvantages
Introduction
This article attempts to evaluate the strategic role of the financial manager in a modern business organization. Before we enter into the evaluation it is important to define some of the key concepts involved in finance and financial management. Then this article will discuss the historical evolution of the concepts of finance and the financial management throughout the history. Then this article will make a comparative analysis of the traditional role of a financial manager and the modern role of financial manager. Finally this article will discuss the pros and cons in modern and traditional financial management systems.
What is Finance
Finance is defined as the art and science of managing money (Khan and Jain). Finance also is referred as the provision of money at the time when it is needed. Finance function is the procurement of funds and their effective utilization in business concerns. The concept of finance includes capital, funds, money, and amount. But each word is having unique meaning. Studying and understanding the concept of finance become an important part of the business concern.
What is Financial Management
There are four functional areas in management namely financial management, marketing management, operational management and human resource management where all four areas has its uniqueness and differences and play a major role in overall management. It can be argued among these four functional areas financial management is the important one since rest of the functional areas are dependent on finance. Thus it is true financial management is the life blood of a business organization.
It can be explained the financial management in simple