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International Journal of Academic Research in Economics and Management Sciences

Open Access Journal

ISSN: 2226-3624

Open access

For many, financial management means: managing your bank accounts: paying your rent or mortgage, paying your utility bills, buying groceries, maybe even planning a monthly budget. But business financial management is a much more complex concept. It involves controlling and tracking all money coming in and out of the company, as well as taking steps to increase the profitability and financial security of the company.Financial management means controlling the flow of money in and out of the organization. Every business must sell products or services, pay expenses, balance the records and record taxes. Financial management includes all of these, along with more complex processes such as paying employees, purchasing materials, and submitting reports to government agencies to show compliance with applicable laws and regulations. The act of monitoring all these transactions is the financial management of a company. In general, the bigger the company its, the more complicated financial management becomes.

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