Financial management is made up of two words, finance and management. The meaning of the word financial is to find out the sources of getting money and to anticipate the needs of the business and on the basis of them distribution of financial resources. The word management refers to the planning, organization, coordination and control of human and physical resources to achieve the objectives of any business. Thus, financial management is an important part of business management which is related to planning and control of financial resources of the organization. Financial management is the determination, receipt, distribution and use of means of obtaining money or money. In financial management, planning is made keeping in mind the short term and long term financial needs of the organization so that the supply of finance remains constant in the organization. With the help of finance, necessary works are completed and efforts are made to achieve the set objectives of the organization.
According to Js Massey,:- financial management is that operational activity of business which is responsible for obtaining the necessary finances for the efficient operation of the enterprise and for its effective use.
According to Howard and Upton, :- financial management is the application of planning and control functions to financial functions.
According to Joseph A Bradley, :- “Financial management is that area of business management which is concerned with the judicious use of capital and the careful selection of financial sources so as to direct the business in the direction of its objectives.