10700772
Description
Mind Map by Daniel Segura, updated more than 1 year ago
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Created by Daniel Segura
over 6 years ago
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What is a good financial
management ?
- public sector
- - Is more difficult and complex.
- - Is based on the political reality.
- - Is related with legal issues.
- - It's objectives depends on the guidelines
of the dynamics of the private sector.
- Government Drawbacks
- - The sources of resources have benn exhausted.
- - Almost all nation are poor in terms of cash.
- - Without cash, the budgets cannot be executed.
- - The existence of external economic influences.
- - THe insatiable demand of public services.
- How we can solved it ?
- establishing effective management systems that are
appropriate or acceptable to solve the financial
drawbacks of the different governments. "implement
a coordinated financial management system."
- establishing effective management systems that are
appropriate or acceptable to solve the financial
drawbacks of the different governments. "implement
a coordinated financial management system."
- - The sources of resources have benn exhausted.
- - Is more difficult and complex.
- private sector
- - Wants to provide prudential and intelligent
judgments about the information to the
decisions makers.
- - Is less difficult than the public
sector.
- - Wants to provide prudential and intelligent
judgments about the information to the
decisions makers.
- Characteristics of the financial
management in both sectors:
- - Manage the cash flow to finance activities and operations.
- - Safeguarding resources.
- - Provide a financial structure for the planning
- - Manage transaction processing systems for the control of
operations and activities.
- - Ensure the legality and regularity use of public funds.
- - It focuses on to the concepts of efficiency and effectiveness.
- - Report and interpret the results of the activities and operations.
- - Manage the cash flow to finance activities and operations.
- Importance of Financial
Management
- "the financial administration is a discipline that helps us to plan, producing,
controlling and directing our economic life"
- Financial management in our daily life:
- Is the personal manage of our
resources, based on the necesities
and desires
- Is the personal manage of our
resources, based on the necesities
and desires
- Financial management in the business:
- Budgets: Is the estimated cost
of a work or service.
- Analysis of financial opportunities: It makes
our savings becomes an efficient investment.
- Money Management: records and posts
our income and expenditure.
- Investments and assets: Asset investment
according to its functionality for the
company.
- Payment of taxes: take an advantage of
the deductibility of costs, which happens in
our productive activities.
- Acquisition of funds: Perform a good
planning of the necessary funds
- Maximize utilities:Through operations (marketing and / or
production), you can increase financial resources.
- Budgets: Is the estimated cost
of a work or service.
- Financial management in our daily life:
- "the financial administration is a discipline that helps us to plan, producing,
controlling and directing our economic life"
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