THE IMPORTANCE OF EFFECTIVE FINANCIAL MANAGEMENT TO THE OVERALL SUCCESS OF AN ORGANIZATION
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BACKGROUND OF THE STUDY
Planning one's finances requires making efficient use of one's resources (Kotze et al, 2021). Nearly all endeavors necessitate the application of financial resources. Since financing is required for the purchase of most things, there must be some form of financial management. It is impossible to amass financial resources and then employ them in any way (Nwonye, 2021).
First and foremost, financial planning entails anticipating the importance of financing, operating, and financial policies on the organization's future position and putting in place the appropriate measures that may be required (Kunene, 2021). The decision pertaining to the financial planning centers on the nature, extent, and make-up of the capital funds. It is a description of the management of capital resources, which includes the decision regarding the ratio of debt to equity (Kotze et al, 2021).
In the same way that fuel is essential to the operation of a motor vehicle or other type of running machine, financial planning is essential to the management of any corporation. Regardless of the structure, ownership, or size of the financial department of the company, there is a need to ensure that all aspects of financial planning and control in an organization are carried out to the highest possible degree of effectiveness. In doing so, it is possible to become more versatile and increase one's proficiency in financial matters (Kunene, 2021).
When it comes to the planning and making of financial decisions for the corporate firm, the financial management plays a very important role. The individual who is in charge of the company's finances and who holds the position of financial manager is accountable for those responsibilities (Nwonye, 2021). It is due in large part to the contribution that he or she makes to the company's ability to realize its corporate objectives, which includes shaping the corporation's financial future.
1.2 STATEMENT OF PROBLEMS
We are living in the days of economic fluctuation and recession, in variably inflation has become paramount and the order of the day in so many economics. Banks are folding up, while those in operations are within the time (Kotze et al, 2021). There are clashes in the global stock market, most investors have incurred financial losses, banking merger and acquisition is not yielding much fruit as expected the prospective investors are afraid to invest, the investment trend is not stable, the financial experts failing in their professional duties in the economic crunch is harder (Kunene, 2021).
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