Function of Finance Department:
A) To Prepare the Budget:
It is responsibility of finance department of company to build the budget prior to actual providing money to any department. It will be obliging to fulfill each department with minimum cost. Finance department can take the precedent records from particular department. It will be helpful for making enhanced budget. B) Financial Management:
In this function finance department obtains money from capital market at very low risk and cost. Finance department examines all the resources of funds and make a good financial structure of company. In this structure, finance department examine whether it will reduce the overall cost of capital on an average basis or not. C) Management of Investments of Company:
Subsequent to making financial structure, finance department invests debenture holders and shareholders money in the best projects for acquiring highest return on investment. For this finance department has to obtain investment decision. Such investment decisions can be taken with the assist of capital budgeting and investment analysis methods. D) Management of Taxes:
Management of taxes is as well the function of finance or finance department. Taxes might be direct or indirect. Finance department carry on watches the amendments and updates in tax laws and too create good corporate relation with government by paying return of corporate tax on time. E) Management of Financial Risks:
Finance department takes numerous measures for managing the financial risks of company. For dropping loss of fund due to happening solvency, liquidity or financial disaster, finance department builds a good plan and too takes the help of debt collectors, insurance companies and other rating agencies for diminishing financial risk. F) Merge or Acquisition decisions:
For making good brand in the market, the financial department works with marketing department and both takes the steps of merger and acquisition action. The main aim of merger or acquisition is to diminish competition and spread on brand in the market. Finance department gives the money for takeover any other firm for estimating its long-run return.
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