Financial Management is finance, namely, corporate finance and/or business finance. Business finance is managing the assets. However, finance, economics are financial markets, namely, capital markets and money markets. The capital market is for long-term maturity more than a year. Money markets are short term- marketing. Yet, it is financial institutions, and/or financial instruments, and/or studying the financial system. Finance is managing money. Accounting is the recording transactions of money. Finance/economics include retirement savings, and/or Asset markets are bonds, stocks, and/or equities. However, the CFO is responsible for financial decisions, such as, buying or not buying. On the other hand, financial Managers are responsible for the financial management of an organization. They analyze data to identify opportunities for reducing cost, and assist clients in business strategies, and forecast goods for an estimate of future projects and economic growth. Understanding the business model of any organization, it is extremely important to meet the goals of an organization, and meet the key goals and process of the client to develop a financial strategy. However, Financial Management Companies are responsible for assisting the development of metrics related to new and revised processes for financial performances, using information to make recommendations for improvement. On the other hand, they find solutions to reduce costs and increase efficiencies for clients. Also, they educate the client on the company’s economic and revenues, research and provide recommendation for innovation, and transformation in the financial strategy of the business.
It is also recommended to provide data analysis and interpretation to assist in the development of the client’s financial business plan based on budget requirements and corporate capital plan. In addition, they prepared financial reports. Managers also have experience and training in managing a team of analysts, and excellent analytical skills. They also are responsible for financial planning, forecasting, and demonstrate leadership skills. It is also important to be responsible for the financial health of an organization, and produce direct investment activities, and long-term financial goals of an organization. The requirements are a bachelor’s degree, including five years or more experience in business, financial planning, and/or financial analyst. Financial management also is the art of managing, and specializing in raising and expending public moneys, and deals with fiancé and investments, including resources of government and business’ money and/or liquidation; plus, research the circulation of money, investments, and banking products. Management of funds to meet the need or the organization and/or clients. They are responsible for obtaining funds and/or capital. Furthermore, it is money, economics, banking, business, and investment. However, financial management either related to finances and/or financial situation of an organization and/or client. However, it is recommended to know accounting. However, there are different type of financial institutions that offer financial products, such as, investment banks, insurances, credit unions, mortgage companies, financing company and other related financial institutions. In an investment bank, the bank offers Dividend Yield, and Return on Equity. Dividend Yield is the percentage of a current share price. In corporate finance, an Equity is how many dollars of profit a company generates with each dollar of shareholders’ equity. Buying an insurance, there are different types of insurance to protect your assets. It is also recommended to buy an Income Protection Insurance in case you become disable, the disability insurance can cover your bills and medical bills and other expenses that you have to cover while out of work. If you plan to consult your financial management company, it is recommended to ask them about the types of insurances to meet your needs. On the other hand, credit unions offer credit cards, mortgage loans, and consumer loans. However, asset accounts are retirement accounts, jewelries, saving bonds, saving accounts, and other products that increase profits and/or income. Borrowing money is a liability, but you can turn your loan money into an asset by using the borrow money to buy bonds that increase your income for a period of time. However, saving bonds are highly recommended because it increases your income, and it is a low risk investment.
Financial Management works with an accounting system to manage the income, expenses and other financial activities of a company and/or clients. In addition, there are many different accounting systems that are used in today’s world. Moreover, there are different methods used to create an accounting system, such as, a notebook, Excel, ledgers, Journals and receipts, Lotus accounting system, and other software or manual systems. However, it is recommended to use an accounting system that aligns with the goals of the organization and/or the needs of clients. On the other hand, a manual accounting system requires more work and time because you need to have excellent mathematic skills, but the accounting software does all the mathematical problems for you, so, it better much faster and serves your company and/or clients. Using a notebook and/or a record book accounting system is a historical manual system, many companies do not use manual accounting system, but if you are a small business a manual system is recommended because it can save you money. Other accounting system like Excel, it is a spreadsheet developed by Microsoft. Using an accounting system, it is recommended because it allows you to keep track of different type of financial transactions, such as, purchases and/or expenses, sales and/or invoices and income, liabilities and/or funding, accounts, payable, and other types of entries. Using an accounting system, it is capable of generating comprehensive statistical reports which the reports can be used to provide management with making decisions and understanding the data in the system. If you have a small business, you might want to use Excel and/or a manual accounting system. In addition, Windows have invoices that you can also print out for your customers. Windows also have many other business forms that you can use if you just starting a business. Using Microsoft’ business forms and templates, it is recommended for small business because it saves time and money. However, it is recommended to study the terminology of accounting because learning terminology of accounting will help you understand and perform accounting to standards of accounting. It is also recommended that you visit the Federal Accounting Standards Advisory (FASAB) related to generally accepted accounting principles (GAAP) to learn about the standards in accounting. Next, it is recommended to keep financial accounts, such as, analyzing, and reporting of financial transactions pertaining to a business and/or client, including financial statements. A financial Statement or a financial report is reporting on assets, liabilities, and owners’ equity. Next, it is income statement, such as, profits and loss related to the income, expense, and depreciation. In addition, the cash flow statement is the operating activities, and investing activities, and financing activities. Then, the statement of changes in equity is statement that reports the net profits or loss, share capital, dividend payment, gains or losses, and change in accounting policy and correction of accounting errors. However, it is recommended to keep financial accounts, such as, analyzing, and reporting of financial transactions pertaining to a business and/or client, including financial statements. A financial Statement or a financial report is reporting on assets, liabilities, and owners’ equity. Next, it is income statement, such as, profits and loss related to the income, expense, and depreciation. In addition, the cash flow statement is the operating activities, and investing activities, and financing activities. Then, the statement of changes in equity is statement that reports the net profits or loss, share capital, dividend payment, gains or losses, and change in accounting policy and correction of accounting errors.
It is recommended that you learn the Laws, Regulations and Compliances for Accounting.
There are lots of accounting software available; therefore, it is recommended conduct a research for the best accounting system.
Starting a Bookkeeping or Tax Prepare Business, it is recommended that you have knowledge about accounting system that can work with your business. However, there are colleges and university that have accounting courses that you enrolled, and it's highly recommended to study accounting before starting a business.