According to paul. Hasings "Finance is the management of the money affairs of a company. It includes determining what has to be paid for and when raisings the money on the best terms available, and devoting the available fundsto the best uses. Kennetch Midgely and ronald burns state : "Finance is the process of or organising the flow of funds so that a business can carry out objectives in the most efficient manner and meet its obiligations as they fall due".
Finance squeezes the most out of every available rupee. To get the best out of the avaialable funds is the major task of the finance, and the finance manager performs this task mst effectively if he is to be successful. In the words of Mr. A.L.Kingshott, " Finance is the common denominatior for a vast of range corporate objectives, and the major part of any corporate plan must be expressed in financial terms".
The description of finance may be applied to money management provided that following three objectives are properly noted :
Many activities assiciated with finance such as saving, payment of things, giving or getting credit, do not necessarly require the use of money. In the first place, the conduct of internatinal trade has been facilized. The development of the [ecunairy unit in the various commercial nations has given rise to an international denominator of values. The pecunairy unit makes possibles a fairy accurate directing of capital to those parts of the world where it will be most productive.
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