International Journal of Research and Innovation in Social Science (IJRISS) |Volume VI, Issue IX, September 2022|ISSN 2454-6186
Financial Management and Finance Person in Nigeria: The Role of Communication
ADEKUNLE Ayobami Ademola
Institution of Affiliation: Department of General Education Studies Adeleke University, Osun State.
Abstract: “Financial management refers to the efficient and effective management of money (funds) in such a manner as to accomplish the objectives of the organization.” (Juneja, 2008). A good financial management is germane to the overall success of an entity. An entity can be a Sole Proprietor, a Partnership Business, a Firm, a Company, Government Establishment, Institution of Learning and even Religious Institutions. The importance of sound financial management cannot be over-emphasized in all these entities mentioned. The paper examines the meaning, objectives, importance and functions of financial managers in making an excellent communication skill to all the stakeholders of the entities enumerated above.
Keywords: Financial Management, Finance Person, Role of Communication, Entity, Nigeria.
I. INTRODUCTION
Daily experiences of life teach us that we need money to do so many things. For example, money is needed to buy food, clothing and for the provision of shelter. Also if we want to venture into any business, money is required. Therefore, money is a necessary factor for the survival of human being.
In his landmark essay on the nature of economics, Lionel Robbins (1935) defined economics as “the science which studies human behavior as a relationship between ends and scarce means which have alternatives uses”.
It is clear from the definition of Robbins (1935) that human wants are unlimited but the means to satisfy these wants are limited. One of the means of satisfying human wants is money. It means money is a scarce resource. It is because of the limited availability of money that one need to handle the funds at his disposal very well. This is the more reason why one needs a sound financial management in all aspects of his life.
What is then the meaning of financial management? Many scholars and writers all over the world have attempted to define what financial management is. This has resulted into the various definitions in the literature. For example, Deepika and Maya Rani (2014) defined financial management “as that activity of management which is concerned with the planning, procuring and controlling of firm’s financial resources.