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What is financial management process?
The procedure of recognizing, approving and paying the expenditures that are utilized in a project is known as financial management process. There are various types of expenses involved in this process.
Circumstance when financial management process is used
It is after the financial expenditure form has been framed and accepted during a project’s planning phase when you can use the financial management procedure. You will find this procedure similar to supervising and controlling mechanism, but in this case, it regarding finance. Here with the help of this mechanism, a company checks the real time financial expenditure with their previously planned one.
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Purpose of financial management process
The purpose of financial managementprocedure is actually very direct. It keeps a record of all the expenditures which gets collected during the entire period of a project.
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