Finance Department

finance-dept
The business functions of a finance department typically include planning, organizing, accounting for and controlling WSSP finances. The finance department also produces the company's financial statements.

Finance is one of the major pillars of any organisation and an essential ingredient to a successful business. Nowadays, a finance department has a broad range of roles to carry out within or outside an organization. The performance and success of any company greatly depend on how well the finance is handled

Background

Finance Department is the part of an organization that is responsible for acquiring funds for the firm, managing funds within the organization and planning for the expenditure of funds on various assets. It is the part of an organization that ensures efficient financial management and financial control necessary to support all business activities. One of the main goals of finance department should be to create and monitor not only overall company budget, but a variety of functional or departmental budgets, as well. Budgeting requires research to estimate accurate revenue levels based on demand forecasting. Using annual budget projections, the accounting staff can help to set targets for profit goals and for overhead and production spending levels.

Responsibilities

Accounts Payable (money out) – In order to maintain great relationships with vendors  making sure that everyone gets paid on time is a vital role. The role of the accounting department includes keeping an eye on opportunities to save money, for example, determining if there are discounts or incentives available for paying certain vendors more quickly.  At the very least, AP should be scheduled to assure that the least amount of money has to go out per payment, i.e., no late payment charges!

Accounts Receivable and Revenue Tracking (money in) – Another critical duty of the accounting department is to account for and track receivables, including outstanding invoices and any required collection actions. Accounts receivable is responsible for creating and tracking invoices.  The responsibility here includes assuring that customers pay those invoices on time, so a system of friendly reminders is crucial.

Payroll – Payroll is a critical function of the accounting department and includes making sure all employees are paid accurately and timely. In addition, proper tax is assessed and tax payments are on time with state and federal government agencies.

Reporting and Financial Statements – The primary reason you collect data properly in your accounting software is to prepare financial reports that can be used for budgeting, forecasting and other decision making processes. In addition, these and other reports are needed for communication to investors, banks and other professionals that play a role in the growth of your business.

Financial Controls – Financial controls include reconciliations, dividing the responsibilities and following the GAAP standards of accounting principles, all of which are implemented with view toward compliance, fraud and theft prevention.  The role of the Controller is to ensure procedures are set up properly to manage that process without errors.

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