The scope of financial management involves processes and procedures affiliated with managing a company's cash flow, inventory, fixed assets and debtors, according to Accounting Education. Financial management requires company representatives to collect payment from clients in a timely manner, pay expenses accordingly and create financial plans to ensure cash flow.Know More
The scope of financial management also includes compiling goals, objectives, and requirements to complete projects that produce revenue by estimating expenses and time required to finish a project to the client's specifications, according to Investopedia. The scope of financial management with a client project may also include estimating the cost and time of gathering materials, performing the actual work and estimating the profit margin to determine if the project is a profitable fit for the company.
Financial managers often oversee projects to ensure deadlines are met, costs are kept at a minimum and client relations are on good terms, according to Investopedia. The scope of financial management also includes evaluating the progress of each project after its completion to determine if the client's business was a venture that resulted in revenue, exposure for the company and potential profits in the future with repeat business. Without evaluating the scope of financial management, companies are at risk of losing profits or taking on projects that may not benefit the company's reputation, client base and financial bottom line.Learn more about Financial Planning
When a family needs financial help, options to provide assistance include giving a gift of cash, making a personal loan or co-signing on a bank loan, hiring a member of the family, or prepaying some of the family's bills. Non-monetary help one can provide to a family in need of financial assistance includes helping to develop a feasible budget and connecting the family to others who can provide help.Full Answer >
A trust fund account is one that consists of bonds, stocks, cash, property and various other types of assets that can be set aside and inherited for financial security by an organization, such as a charity, or individual. Trust funds are established by grantors and managed by a trustee.Full Answer >
The purpose of a cash flow statement, or CFS, is to get a quick view of how money is currently moving in and out of a business. While a CFS is mainly used by businesses, ordinary taxpayers also use it to manage their finances for life events such as retirement. They may use it as a tool for reallocating their investment portfolios in much the same way a business may use it to redistribute its investments.Full Answer >
Subtracting a company's liabilities from its assets results in the business's net worth, also called owner's equity, according to Entrepreneur magazine. Assets, liabilities and net worth are listed on a company's balance sheet.Full Answer >