To run our financial system, our financial manager has created a system to handle accounting responsibilities shown below:
Daily account record keeping is a finance department function that entails reconciling a company’s financial registers to make suitable business decisions. Through bookkeeping and income statement preparations, the unit supports the management in filing requisite financial data that’s useful in managing funds.
By analyzing a company’s financial statements, the finance department evaluates economic trends, identifies its future investment and cultivates long-term business plans. It uses and synthesizes financial analysis information to assist in business decision-making.
Related: Financial Reports vs. Financial Statements: Key Differences
The finance department plans and implements the company’s financial year budget. The department also conducts research and collects data that assists in the organization’s temporary and permanent financial forecast. The information is essential in planning and providing informed decisions critical to expansion, such as staff training and asset procurement.
The finance department plays a significant part in acquiring, updating and maintaining the latest operations systems to improve efficiency. A systems change may include automation of various functions or digitalization of some organization’s systems.