Laboratory Management

Laboratory Budgeting Process

Financial management is the management of finances of a business or organization in order to achieve financial objectives. This is essential specially because money is the blood of business. Without it or if managed improperly, the business could stop or other problems could arise.

Here are the key elements to the process of financial management:

The management needs to ensure that enough funding is available at the right time to meet the needs of the business. This prevents unexpected debts from other businesses which may lead to bankruptcy in the near future.

This helps the business ensure that it is meeting its objectives. This monitors whether the laboratory is doing good financially and is able to cope with the other laboratories and competitors.

The key aspects of financial decision-making relate to the investment, financing, and dividends. Decision-making can affect whether the business will be successful or will fail.

- Kat -