Soundness and strength of business depend on the availability of competency and finance with which it is spent. The scarcity of finance can ruin an organization while plenty of it can do wonders, and it’s even a well-established business. Finance boosts the viability and strength of the organization. It increases the firmness of an organization to face economic depression and losses.
Following are the finance functions in an organization:
Finance is a basic requirement for the organization. It marks the starting phase of every industrial project and business as well. Whether you start a partnership firm, sole proprietary concern, a charity institution, or a company you certainly require the huge amount of money. It is also critical for non-profit activities and profit-seeking.