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If you plan to go big with your business, you can never neglect the importance of Financial Management. It is an essential tool that is required to move ahead with your expansion plans. Generally, this critical aspect is disregarded because the entrepreneurs are unaware of its advantages and uses. Financial reports can help aid in making important future decisions. If you have a solo or micro business, then it is not imperative to make use of Financial Management. But as I mentioned earlier, if you plan to make it big in the world of business and commerce, you should make Financial Management your forte! o Accounting and Financial Reports - It is very important to keep track of your company's origin and its past history, particularly an account of the money that has been spent. When you analyze the financial reports, you will be aware of all the spending and expenses accurately. The earnings from specific services, product lines and sales staff - all will come into clear focu...

Last night on Revolution , a new show on NBC that depicts the remnants of the USA 15 years after electricity suddenly stopped working, Charlie (the hot blondie blue chick) chastised two compatriots because they were so intent on stealing a sniper rifle that they had not even thought about what the sniper was guarding ... thirty enslaved people. The show is fictional, of course, but hardly irrelevant: people today, in the good ole USA, are working against their will, usually at mere subsistence levels. When will some Charlie out there awaken the nation to the slaves amongst us? Well, President Obama may be trying to do so, TODAY, 25 Sept. 2012, in his speech from the Clinton Global Initiative at Noon EDT. We shall see.

Statistics show that 87% of small business failures are due to one reason: Lack of proper financial management skills! This is a horrible statistic and it can easily be turned around for you! The formal definition of financial management is "the planning, directing, monitoring, organizing and controlling of the monetary resources of an organisation." Basically; do you understand, track and control where and when your cash flows in or out of your business. I have seen evidence of this statistic over and over again. There are so many small business owners out there that pay a fortune every year for their financial statements to be prepared by their accountant, and have very little understanding of what this document actually means. No sooner have they written out the cheque (with a very heavy heart) to their accountant, and the next cheque is on its way out -to the tax man!!! Financial Management is not something you only worry about after year end, when you need to report...

Program Financial Management includes identifying sources of funding, integrating individual project budgets, developing a overall budget and controlling costs throughout the lifecycle. Program finance management sets the structure for managing finances efficiently. Key elements of finance management includes aggregating the individual project budgets as well as budget for the effort involved in managing the initiative as a program. A program is a financial investment. The ability to steer the program within the budget limit has a direct impact on the organizations revenue. A common understanding of the cost drivers and the cost limits are essential in finance management. The primary purpose of finance management is to ensure that the program is completed within budget, and that the finances are managed in a way that is in accordance with the organization's rules for financial control. Program managers are generally involved in financial management of the initiative starting f...

This week we closed on the sale of what had been our home for 19 years. Going through a packing frenzy of moving life-long belongings and wanting to pass on a sparkling, clean adobe; the moment caught me completely off-guard. I am not an emotional person, but upon the final signature at the closing, I burst into tears and hugged the new owners of our home where we had raised our family. I was passing a part of us on to these newly-met out-of-towners. Over the course of the day, I went from exhaustion, -to tears, -to exhilaration. For the first time in three decades, we were mortgage-free. It felt gypsy-like. Think of how close the moment of being totally debt free. This summer, we purchased five acres out in the country, have our orchard started, a vegetable garden in, 41 grape vines underway and four hens laying eggs – but no house. Not wanting to risk two mortgages, we made the decision that we would sell our current home before building our next home. And in the interim? We would ma...

Everyone is trying to be more frugal, more conservative and smart with their money. Even businesses are taking their budget more seriously and cutting out things which are not really necessities. For these reasons as well as others, financial managers have become in high demand in recent years. In order to properly maintain finances, one needs to apply specific management principles. This requires a lot of attention to detail, careful planning, and a good knowledge of monetary strategies, cash flow, and other complex processes and practices. Those who are running a large business, or just one with complicated finances will require the talents and training brought on board by a financial manager. Those who are trained through a financial management course can bring a lot to the table. Financial managers usually have somewhat large tasks with stressful decisions to make. They will have the task of maximizing the companies wealth and properly distributing it as necessary to fulfill o...

Yes, I saw Stephen Colbert's interview of Yvette Clarke (D-NY) in which Ms. Clarke professed to believe that slavery existed in New York City in 1898. That is eighteen ninety eight, 30+ years after the Civil War, the Emancipation Proclamation, and the 13th amendment of the U.S. Constitution ended formal slavery. Clearly, Clarke was confused about the chronology, even claiming that the Dutch were the culprits. Yet, Clarke was not entirely wrong because various forms of unfree labor continued in NYC and elsewhere in 1898. In fact, they persist to this day, even in America. So Clarke would have been right to tell the New Yorkers of 1898 to set the enslaved free. The ironic thing is that she should be saying that today, too: set free everyone, white or black, male or female, American or otherwise, who have no or limited choices due to the power of their pimp, handler, or warden. I've laid how out in Fubarnomics and will continue to do so as editor of a new book series, about whic...