Financial management and financial marketing

• Main Author: Vladušić Ljubiša
• Format: Article
• Language: English
• Published: University of Novi Sad - Faculty of Economics, Subotica 2014-01-01
• Series: Anali Ekonomskog fakulteta u Subotici
• Subjects: financial management; financial marketing; financial resources; financial administration; manager; banking
• Online Access: https://scindeks-clanci.ceon.rs/data/pdf/0350-2120/2014/0350-21201431149V.pdf

Financial management is one of the essential human activities of the modern world. As such, financial management is usually defined as a process of developing financial conditions for efficiently achieving selected financial goals. Then, each financial manager has the same goal: making a profit; this is the reason why management involves efficiency and effectiveness. In this context, every financial manager must know the five 'famous' functions of financial management, including: (1) Financial Planning, (2) Financial organization, (3) Selection of financial personnel, (4) Financial Management and (5) Financial control. Financial communication is needed in order to determine financial targets of the company, to make financial plans, to organize human and financial resources, to select financial staff aimed to achieve already set financial goals, and to make the financial control in the performance of financial affairs. Communication is, therefore, a matter of great importance in all phases of financial management, since it integrates all management functions.