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TABLE OF CONTENTS SECTION 7BUSINESS AND FINANCIAL MANAGEMENT 7.1FISCAL YEAR 7.2ANNUAL OPERATING BUDGET 7.3MILLAGE RATE 7.4GRANTS AND SPECIAL FUNDING 7.5PURCHASES AND PROCUREMENT 7.5.1PURCHASING AUTHORITY
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Business and financial management refers to the strategies and practices that organizations employ to manage their financial assets and operations efficiently. This includes budgeting, forecasting, analyzing financial performance, and making investment decisions.
Typically, business entities such as corporations, partnerships, and sole proprietorships are required to file business and financial management documents, as well as any organization that engages in financial activities that generate income.
To fill out business and financial management documents, one must gather financial data, complete the required forms with accurate information regarding revenue, expenses, assets, and liabilities, and file them according to the governing regulations or guidelines.
The purpose of business and financial management is to ensure that resources are used effectively and efficiently to achieve the financial goals of an organization, maintain compliance with legal requirements, and provide stakeholders with a clear picture of the business's financial health.
Information that must be reported typically includes income data, liabilities, assets, expenses, cash flow statements, and management analysis, which all provide insights into the company’s financial standing.
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