Finance is the life blood of very business. As personnel and materials which are necessary for the functioning of any office, industry, enterprise can be made available through money. Hence, finance plays an important role in the business. Socio-economic forces unleashed by industrial revolution have given a new meaning and dynamic content to financial administration. Meaning of Financial Administration
The term Financial Administration consists of two words. 'Finance' and 'Administration'. The word 'administration' refers to organization and management of collective human efforts in the pursuit of a conscious objective. The word 'finance' refers to monetary resource. Financial administration refers to a set of activities which are related to making available money to the various branches of an organization to enable it to carry out its objects. Whether it is a family, business or a government department, its day to day activities depend on the availability of funds with which financial administration is concerned. Definitions of Financial Administration.
According to L. D. White "Fiscal Management includes those operations designed to make funds available to officials and to ensure their lawful and efficient use."
According to Jaze Gaston "Financial Administration is that part of government organization which deals with the collection, preservation and distribution of public funds, with the coordination of public revenue and expenditure, with the management of credit operations on behalf of the State and with the general control of the financial affairs of public household".
Even though these definitions covers some important aspects of fiscal management, it fails to project a comprehensive scope of financial administration. G. S. Lall states that financial administration is concerned with all the aspects of financial management of the State. Since public administration is more and more concerned with public ...