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IMPACT OF
EFFECTIVE MANAGEMENT OF FINANCE ON THE SUCCESS OF BUSINESS ORGANIZATION
ABSTRACT
Management
of finance is one of the indispensable factors used in organization for the
achievement of goal and objectives. Management tools that manages in an
organization need in order to perform better. This research work focused on
effective management as a tool for achieving business success using Union Bank
of Nigeria Plc, Keffi Abuja road, New Nyanya branch as a case study. The
researcher used questionnaires, primary and secondary source of data
collection. Tables and percentages were used for data analysis. It was observed
that managers used ratio analysis, portfolio analysis and break even analysis
as management tools. It is recommended that organization should properly met
irate their managers to avoid low profitability for the achievement of its
goals and objectives. And also the manager should be recognized and appreciated,
for the hard work and job well done to encourage him to put in his best at work
and for the organization.
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
The
effective use of funds brings about financial planning. Almost all activities require
the use of finance. If finance is used in acquiring most things, hence there
must be management of finance. One cannot acquire finance and utilize it
anyhow.
Financial
planning involves primarily anticipating, the impact of financing, operating
and financial policies on future position of the organization and instituting
the right measures that may be required. The financial planning decision
concentrates on the type, size and composition of capital funds. It describe
the management of capital resources, these involves the decision as to the
proportion of debt and equity.
Financial
planning to the management of any corporation, is what fuel is to motor vehicle
or running machines, irrespective of the structure, ownership and size of the
financial department of the firm, there is need to ensure that various
financial planning, and control in an organization are carried out at the
highest degree of efficiency, by these, it lead to versatile and increases
proficiency in financial matters.
The
financial management plays very key roles in the financial decision planning of
the corporate firm. The financial manager is a person who is responsible for
carrying out the finance function of the corporation. He or she plays a key
role in assisting the firm to realize its corporate objectives, including
shaping the fortune of the corporation.
1.2
STATEMENT OF PROBLEMS
We are
living in the days of economic fluctuation and recession, in variably inflation
has become paramount and the order of the day in so many economics. Banks are
folding up, while those in operations are within the time. There are clashes in
the global stock market, most investors have incurred financial losses, banking
merger and acquisition is not yielding much fruit as expected the prospective investors
are afraid to invest, the investment trend is not stable, the financial experts
failing in their professional duties in the economic crunch is harder.
1.3
OBJECTIVES OF THE STUDY
The general
objectives of this topic is to look at effective management of finance and it
impact in success of business organization. In view of this, the following are
the objectives of this study
At the end
of this research work, the student should be able to know how effective
management of finance lead to the success of organizational growth.
To enable
the bank maximize profit and minimize cost.
To enable
the bank reach the customers satisfaction.
It enable
the effective survival of organizational image.
1.4
SIGNIFICANCE OF THE STUDY
The
significance of the study lies on the information which I generate to policy
makers, planners and interested scholars, which I know will help the further
researchers in the related field. At the end of the study, one would have
contributed his quota towards the understanding of the reasons why financial
planning and control is very important in an organization.
The study
will also serve as an eye opener to the generality of the people as regards to
financial planning and control.
1.5 RESEARCH
QUESTIONS
(i) Does a
financial manager carryout financial planning in the organization?(ii) How does
financial planning affect the performance of organization?(iii) Does
organization recognize the performance of its financial managers?(iv) How does
financial manager perform his duty in the organization?
(v) Is there
any problem incitation against financial planning system in your organization?
1.6 RESEARCH
HYPOTHESIS
The research
hypothesis is assumption made on a statement, the hypothesis are statement of
uncertainties.H0: NULL hypothesisHi: Alternative hypothesisH0: Impact of
effective management of finance does not lead to the success of business
organization.
Hi: Impact
of effective management of finance leads to the success of business
organization.
1.7 SCOPE OF
THE STUDY
Financial
planning is a very wide topic, but the researcher’s work will focus on it as a
tool of achieving corporate profitability as it affects organization in general
and united bank of Nigeria Plc in particular for the period of (4) years (2011
– 2015).
1.8
LIMITATIONS OF THE STUDY
(i) FINANCE:
Due to the present situation in the economy, that is cost of living is very
high, the researcher was faced with problem on how to source fund to finance
this research work.
(ii) TIME
FACTOR: Time constraint was another area, because the study was conducted when
the staffs were at their duties.
(iii)
ATTITUDE OF THE RESPONDENT: This constitutes a problem because some of the
staff rejected filling the questionnaire.
1.9 DEFINITION
OF TERMS
CURRENT
ASSET: This is a balance sheet item which equals the sum of cash and cash
equivalents, accounts receivable, inventory, marketable securities, prepared
expenses and other assets that could be converted to cash in less than one
year.
FIXED ASSET:
It is a long term tangible piece of property that a firm owns and use in the
production of its income and is not expected to be consumed.
CORPORATION:
This is a business whose article or incorporation has been approved in some
states.
FINANCE: The
study of how people allocate their assets overtime under conditions of
certainty, and uncertainty.
FINANCIAL
MANAGEMENT: Means planning, organizing, directing and controlling the financial
activities such as procurement and utilization of funds of the enterprise.
It means
applying general management principles, to financial resources of the
enterprise.
ACQUISITION:
A corporate action, in which a company buys most, is not all of the target
company’s ownership stakes in order to assume control of the target firm.
PROFICIENCY:
Advancement in knowledge or skill rather than quality or state of being
proficient.
MERGER: The
combining of two or more companies generally by offering the stock holders of
the company securities in the acquiring company in exchange for the surrender
of their stock.
VERSATILE:
Capable of doing many things competently. Having varied uses or serving many
functions.
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