The Finance and Accounts Function
The Accounts or Finance department's role has traditionally been one of regulatory reporting and transaction processing (raising invoices and paying bills). Finance departments can be segmented into those which process such transactions and those that produce and analyze management accounts.
Accountants are also involved as the business develops its strategy and maintain a watching brief over all aspects of strategy formulation in order that financial governance (feasibility business case tests.) can be applied
These days most managers are required to be financially literate and it is often the role of finance to provide a level of education to senior staff in order that staff understand the organizations financial situation.
Recently finance departments are evolving into an organization that provides information that internal management requires to effectively run the business. Indeed one of the key roles of a modern day finance department is as a support service
Accounts/ Finance departments are a key part of every organization adding value at via various business processes.
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