IMPLEMENTATION OF EFFECTIVE FINANCIAL MANAGEMENT IN BUSINESS

Abstract

The article is devoted to discussing and highlighting the importance of financial management for business success. Over time, the importance of existing tools (management and financial) and their contribution to the success and development of the company becomes apparent. This article aims to present the financial management of the company and its functions, as its tools can help achieve better results in the organization. The purpose of the work is to test the importance of financial planning for the success of the organization, justify the need to improve the financial management system, provide financial management for sustainable growth of the company, theoretical and practical recommendations for implementing advanced methods of financial management. To achieve this goal, a bibliographic search was conducted on scientific articles, books, and journals on this topic. As a methodological process, a theoretical basis was chosen to confirm the need for proper use of accounting and financial instruments for the company. It was found that today the planning organization has a better chance of surviving in the market. Based on the results of the work performed, it can be concluded that financial management is an effective tool for finding results. This is a wide range of factors that can influence companies' decisions. This related area includes some factors, such as economic conditions, market direction, training of the necessary specialists and others. The financial administrator must carefully plan every action within the company because the market does not tolerate management errors. The current situation requires entrepreneurs to control their finances, but reality shows that entrepreneurs often make several simple mistakes due to lack of planning and financial analysis of their company. Therefore, financial management becomes a necessary condition for business success. Thus, the purpose of this work was achieved because it confirmed the importance of financial planning for the organization. Organizations must always be in constant search of information, knowledge, technology to surpass all competing companies.