How to Manage Finance

Financial Management is Planning, directing, monitoring, organizing, and controlling of the monetary resources of an organization.
1. Planning
Basic management function involving formulation of one or more detailed plans to achieve optimum balance of needs or demands with the available resources.
The planning process (1) identifies the goals or objectives to be achieved, (2) formulates strategies to achieve them, (3) arranges or creates the means required, and (4) implements, directs, and monitors all steps in their proper sequence.
2. Directing
Management function that includes building an effective work climate and creating opportunity for motivation, supervising, scheduling, and disciplining.
3. Monitoring
Supervising activities in progress to ensure they are on-course and on-schedule in meeting the objectives and performance targets.
4. Organizing
a. Arranging several elements into a purposeful sequential or spatial (or both) order or structure.
b. Assembling required resources to attain organizational objectives.
5. Controlling
Management function of (1) establishing benchmarks or standards, (2) comparing actual performance against them, and (3) taking corrective action, if required.
6. Monetary Resources
Economic or productive factor required to accomplish an activity, or as means to undertake an enterprise and achieve desired outcome. Three most basic resources are land, labor, and capital; other resources include energy, entrepreneurship, information, know how, management, and time.