Finance is a backbone of any business. Finance aids in procurement of various resources such as raw materials, machinery,According to F.W. Paish ," Finance may be defined as the position of money at the time it is wanted ".Meaning : Financial defines " the process of identifying ,obtaining and allocating sources of money ." Management -" process of planning , organising , coordinating and controlling various resources for the accomplishment of organisational goals". According to Solomon " Financial management is concerned with the efficient use of an important economic resource, namely, Capital Funds".
Nature of Finance Function
relates to efficient allocation and utilisation of company's fund to invest in selected investment proposals .
Revolves around the acquisition of funds from various sources of finances available to the company.
Relates to companys dividend policy inorder to maximise shareholders wealth