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Routine functions
For the efficient execution of the managerial finance functions, routine functions have to be executed. Such decisions concern procedures and systems and include a lot of paper work and time. In most situations these decisions are delegated to junior staff in the organization. Some of the significant routine functions are as follows:
The finance manager will be included with the managerial functions whereas the routine functions will be carried out by junior staff in the firm. He should though, supervise the activities of such junior staff.
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a) Year 2 Year 1 Stock turnover (350/500) * 365 = 255.5 days (250/450) * 365 = 202.7 days
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