Reflections on the Role of Economic and Financial Management

The aim of this article is not merely to present economic and financial management but that of discovering and analyzing ways, in which its roles, as inseparable instruments of the micro- and microeconomic system, are defined, applied and rendered necessary within organizations. There are many ways to define economic and financial management, depending on the various approaches of authors, specialists or practitioners. At the same time, its roles sum up the essence of economic and financial processes. In fact, their implementation stands for what economic and financial management represents both as art and as science. Exercising the roles of economic and financial management correctly and efficiently is a prerequisite of the economic success of an organization. Failing to create or apply any of these roles, however insignificant its place might seem within the organization, would surely entail risks, vulnerability, and even failure.