Every organization, irrespective of its size or ownership pattern, has to manage its finances. The overall objectives of an organization cannot be achieved in the absence of financial management. Many organizations fail in their objectives because of financial mismanagement and this failure rate is quite high among small business enterprises. Hence, financial management is vital for all types of organizations, profit-making as well as non-profit making. In the case of non-profit making organizations also the effectiveness and performance depend on the management of their financial resources. Explain how you would attempt to analyze the financial functions of an organization, what key areas should be analyzed, and what would be your critical recommendations to establish sound financial controls?
APA format required. Respond in 2100-2450 content words, not including title page, abstract, or references. Include 7 scholarly references in your paper.
You will need to do an in-depth literary search on the topic in order to create a fully developed response. You will need to include in-text citations and a references list for external references used in supporting your points for this question. You should have no fewer than 7 references for your response to this particular question, 4 of which must be from peer-reviewed sources.