Essay: The Financial Management Process in SMEs

Sample Essay

The financial management process in SMEs is quite different from financial management processes in traditional larger organisations. The survival of SMEs depends on efficient financial management and appropriate financing strategies implemented by the management of these enterprises. The size of an organisation is directly related to the financial management process in that organisation. The financial management process in large organisations is managed by departments with skilled and experienced experts who apply their skill and knowledge to achieve optimal financial conditions.

The finances in a smaller organisation is more important as the management of finances in these companies is performed by individuals who may not have appropriate knowledge, training and expertise required for efficient results. There are several problems regarding financial management processes in SMEs which include lack of control on financial resources, implementation of obsolete and outdated financial systems, stringent government rules and regulations, compliance issues and very low access to affordable financing.

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