Commerce Optional (UPSC-IAS)
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DEFINITION OF FINANCIAL MANAGEMENT
Financial management is an integral part of overall management. It is concerned with the duties of the financial managers in the business firm.
The term financial management has been defined by Solomon, “It is concerned with the efficient use of an important economic resource namely, capital funds”.
The most popular and acceptable definition of financial management as given by S.C. Kuchal is that “Financial Management deals with procurement of funds and their effective utilization in the business”.
Howard and Upton : Financial management “as an application of general managerial principles to the area of financial decision-making.
Weston and Brigham : Financial management “is an area of financial decision-making, harmonizing individual motives and enterprise goals”.
Joshep and Massie : Financial management “is the operational activity of a business that is responsible for obtaining and effectively utilizing the funds necessary for efficient operations.
Thus, Financial Management is mainly concerned with the effective funds management in the business. In simple words, Financial Management as practiced by business firms can be called as Corporation Finance or Business Finance.
