Financial management developed as a distinct field of study during the early part of this century, and the driving forces behind it were consolidation and the formation of large enterprises. The nature of financial management was similar to that of the traditional phase. However, emphasis was placed on the day-to-day problems of working capital faced by Financial Managers. The modern phase evolved during the mid-1950s, and with the combination of economic theory ideas and statistics, financial management was considered to be more analytical and quantitative. Financial management is concerned with the procurement, allocation, utilisation and control of financial resources of an enterprise. Traditionally, financial management was considered to be the simple procurement of funds to meet the financial needs of the organisation. The modern approach of financial management provides a conceptual and an analytical framework that supports financial decision-making. Financial management consists of procedures and systems that are required to execute the functions of financial management.