Financial Management And Records Management Essay

726 Words 3 Pages
When starting a business everyone dreams of becoming successful, however success does not happen overnight nor is it guaranteed. Each function performed in a business has a specific role in helping a business accomplish its goals. One common mistake made by business owners while staffing is that they create jobs for employees they have rather than putting them in positions the business needs. To assist in properly staffing their business many companies follow the six primary key functions of business operations, which I will discuss.
Financial management and records management are closely related. Financial management includes controlling, planning, monitoring and implementing financial activities and guidelines, to include auditing and accounting, spending, liabilities and assets. Daily cash management and the preparation of short, medium and long-term financial objectives are also an important part of financial management. Any organization can benefit from financial management it is critical to their success, no matter if it is a small family owned business or large corporation. Records management refers to all the activities that need to be performed to properly manage organizational records. It includes assigning responsibilities, setting policy as well as implementing a record keeping system. If records are not managed well the financial/records management function suffers.
Arguably, one of the most important functions of business operations is legal management.…

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