Exploring the Importance of Financial Management in Business, What Is It Like?

Kapanlagi.com - In business, financial management is needed for planning, budgeting, auditing, managing, controlling, searching, and storing the funds owned by the company. The main objective is to ensure the smoothness and sustainability of the business in the long term.

Financial management also involves separating personal funds from company funds to make financial bookkeeping clearer and more structured. Through this financial management, the risk of responsibility in the event of losses can be minimized, and the company's financial condition can be easily monitored whether it is stable or not.

Financial management also includes cost control, financial performance analysis, financial planning, cash management, investment management, financing, and financial risk management. Furthermore, here are the important functions of financial management in business.

1. Control and Management of Funds

Financial management is the management of a company's financial resources to achieve the targets or goals set by the company. Financial management helps the company control, manage, plan, and store its funds to efficiently run the business.

2. Financial Planning and Decision Making

Financial management plays a role in the financial planning of a company, which directly relates to the funding needs of every business affair. Proper financial planning affects the ongoing success of the business.

Additionally, financial management also serves as a platform that provides information about the company's finances gradually and regularly, starting from quarterly, semesterly, to annual financial reports. This helps in making wise financial decisions.

3. Working Capital Management and Profit Optimization

Financial management performs important working capital management to support company operations, including managing employee salaries, company cash flow, liquid assets, and operational budgets.

In addition, financial management also aims to achieve optimal and balanced profits in the company through orderly financial management. This is why financial management plays a vital role in ensuring business continuity and success.

The good news is that financial management in business can be easily managed with Danamon Cash Connect. Danamon Cash Connect is an internet banking service that helps manage business finances for secure, real-time, and flexible banking transactions, anywhere through a website browser to Mobile Apps. Danamon Cash Connect has a variety of features and advantages. Starting from checking and monitoring account statements, direct account transactions in one hand.

In addition, Danamon Cash Connect also easily approves multiple transactions in 1x approval according to the customer's predetermined level. Not only approving transactions, customers can also directly make overbooking transactions, domestic SKN RTGS transfers, and transactions anytime 24/7 through online transfers, BI FAST via Danamon Cash Connect Mobile.

Not only that, Danamon Cash Connect also provides a mobile token directly in the application with guaranteed transaction security through two-factor authentication. Through the Bill Payment feature, customers can pay bills directly to PLN Postpaid and Prepaid, BPJS Health, BPJS Employment, Telkom telephone payments, and pay Danamon Virtual Accounts.

In Danamon Cash Connect, customers can also check, download, and print transaction status reports. In addition, we can see exchange rate information for various currencies directly through the Danamon Cash Connect Mobile website or application.There is also a virtual account service that provides convenience in identifying every business transaction.

In addition, there is also the e-Tax Payment feature or the State Revenue Module (MPN) G3 for real-time online tax payments, both one to one or bulk, where the input is executed simultaneously in one transaction file.Danamon Cash Connect also presents Outgoing Transfer Remittance to send funds in various foreign currencies abroad with competitive exchange rates.Very complete, right?

Interestingly, in addition to presenting Danamon Cash Connect, Danamon also presents Danamon Financial Friday (DFF).An education program presented by Danamon through digital media that has been around since 2020 and is available every Friday.DFF is present to provide financial solutions through Danamon Expert, which airs every Friday on Youtube.So, don't miss it!

(kly/tmi)