CHAPTER ONE
INTRODUCTION
1. Background of the Study:
In fact, this word is so dynamic in nature and only thing that is permanent on earth is change. Therefore, people have to put in an adequate financial planning and control in other to withstand the challenges of the future. A business cannot be statistic. It has already been noted that business has to be changing which requires an adequate balance and cash flow for it to go forward or backward but not to be stagnate. Thus, for the business to expand, there must be adequate financial resources. More so, no business can grow unless proper accounting, marketing, personal, financial and so on are fully stated with good spirited individuals. The efficiency and effectiveness of any organization be it small, medium or large scale enterprise, depends on their finance, planning, control, and management financial planning and control therefore, enables a firm to monitor its financial environment including attitudes of investors so that it can optimize the benefit of planning from the environment. Systematic and adequate planning will therefore ensure the availability of the amount desired of the business time. It may be very pertinent to note that financial capital is the major resources of any organization.
The financial managers function are as follows: 1. Raising of funds to finance projects. 2. Employment of their funds in a liable projects. 3. Management of the cash flow arising from more projects. 4. Return of funds to their funding. In a nut shell, the duty of a financial manager is to implement the acquisition, allocation and management of these resources. Moreover, planning and control are the essence of project planning and act as a device that enables management to anticipate change and adapts to it. No business can thrive without some terms of this outstanding twin concepts and success in business is proportional to its planning and the skill with which it is controlled. Accounting to Lemka and Edward (1977), “financial planning and control can therefore be said to be said to be the name given to a system which is being used to increase overall management efficiency”. It is concerned with planning for the allocation of resources to assist in achieving the objectives of efficiency of both large and small scale organizations. Also with reference to Compsey and Brigham (1985), “financial management involves planning for, acquiring and utilizing funds in a way that minimizes, the efficiency and value of the firm”. Therefore, Enugu State Agricultural Development program (ENADEP) being my case study is not left out in the financial planning and control which constitute the following: Cash management Project execution Effective costing and control of all inputs used by Agriculture Extension Agent. Acquiring of necessary items for official use, to ensure improved performance of the organization.
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