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Financial Management is a discipline dealing with the financial decisions corporations make, and the tools and analysis used to make the decisions. Financial management and reporting practices directly contribute to the organizational performance of any company. Sound financial management and reporting practices are crucial to the survival and well-being of many business enterprises of all types. Studies of reasons for business failure show that poor or careless financial management is the major cause of failure. The general objective of the study was to identify the impact of financial management and reporting practices in the financial performance; the case of Wanji sugar factory. The specific objectives are: to identify the impact of financial management and reporting practices adopted by Wanji sugar factory, to assess the financial performance of Wanji sugar factory, and to analyze the relationship between the impact of financial management and reporting practices on financial performance of Wanji sugar factory. This study will provide an insight to finance practitioners regarding the impact of financial management and reporting practices on the financial performance.