Financial management is an integral function in the field of business. It involves the planning, organizing, directing, controlling of an organization’s or firm’s financial resources (Davis, Kumiega & Van Vliet, 2012). Proper or sound financial management is known to lead a company to profitability and growth as financial loses are lessened or avoided fully (Hickman, Byrd, & McPherson, 2013). The vital nature of this practice underlines the great responsibility that financial managers in the various institutions organizations where they offer their services. They especially encounter many challenges with some of the prominent ones being the task of maintaining ethical financial integrity and competition in the market on both the domestic and the international front. Continue reading