Routine finance functions are those financial functions which generally do not require managerial involvment to carry out. Routine finance functions are performed for the effective execution of managerial finance functions. These functions are carried out by the people at lower levels. Routine finance functions include the following tasks as follows:
1. Supervision of cash receipts and cash payment
2. Custody and safeguarding cash balances and valuable papers such as securities, insurance policies, certificates of property, contract paper etc.
3. Taking care of mechanical details regarding all new outside financing employed by the firm.
4. Maintaining records of firm's activities which have financial implications
5. Timely reporting to facilitate financial manager
The financial manager's involvment in these functions are only limited to the extent of setting up rules and regulations and procedures, establishing standards for the employment of personnel and evaluating the performance to ensure that rules are properly followed.
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