Finance Department and Their Duties in Business Org

[Jasz]

The finance department is responsible for setting the overall financial goals and objectives for the firm. The goals are based on the long-term strategic plan of the company and are developed in consultation with other departments such as marketing, sales, operations, human resources and administration.

The finance department is responsible for setting the overall financial goals and objectives for the firm. The goals are based on the long-term strategic plan of the company and are developed in consultation with other departments such as marketing, sales, operations, human resources and administration.

To meet these objectives, a firm must have a clear understanding of its financial position (e.g., cash flow requirements), how it generates revenue (e.g., cost structures), how it spends money (e.g., capital budgeting) and what is required to maintain its competitive edge (e.g., pricing strategy). We can find this department in every organization, expecially where businesses are carried out.

 

[Holicent]

The finance department of a company is responsible for the planning, control, and evaluation of financial activities.
The company's overall financial goals and objectives are determined by the finance department. The company's long-term strategy plan serves as the foundation for the goals, which are created in cooperation with other divisions like marketing, sales, operations, human resources, and administration.

To achieve these goals, a company needs have a thorough awareness of its financial situation how it makes money, how it spends money, and what it takes to keep its competitive edge. Every organization has this department, especially those where commerce is conducted.

The objectives of the department include:

1. To ensure that the firm has adequate funds for operating expenses, capital expenditures, and debt obligations in order to meet its objectives.

2. To maintain an orderly flow of funds between assets and liabilities so that there are no shortages or surpluses at any point in time.

3. To ensure that all financial activities within the firm are managed in accordance with generally accepted accounting principles (GAAP).