A review on the importance of financial management in today’s economic growth

Abstract

This paper presents the importance of financial management in a systematic way and explains the key concept of financial management. In the modern era, the business decision is increasing. So, the role and importance of financial and managerial economics also increase. Because it is helpful for many types of business decisions. Managerial economics decides the business is going towards profit or loss. Managerial economics decides which way is good for the business. And it is only possible when managerial economics plays a very big and important role in cost control decisions. Thus, role and importance of financial and managerial economics in choosing right decisions is very powerful. In this paper we have reviewed the related concepts with respect to the business management such as the types of finance, financial management, the scope of financial management and overall the objective of financial management.