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Function of Accounting Department

Sometime, we think that  accounting department and finance department are two side of same coin. But this is not correct. In big organisation or corporate, accounting department is totally different from finance department. All accounting information is maintained in accounting department and with these available accounting information, finance department plans and control the funds. To know functions of accounting department in detail please read following content.


Routine Functions of Accounting Department  1.

There are lots of routine functions which accounting department has to do. To record the transaction on the basis of invoice, bills and vouchers, keep bills and vouchers in safe place after including them in files, to pay the creditors and employees, to collect and monitor debtors, to reconcile the bank statements with his company's bank account.

   To Prepare Interim Financial Statements  2.

For different departments decisions, accounting departments prepare interim financial statements. In these interim financial statements, we can includes trial balance, revenue statement and balance sheet. Often these statements are prepared after three months.

  To Prepare Annual Financial Statements  3.

To prepare annual financial statements is important work of accounting department because after auditing, it becomes proof in court and large number of decisions are affected from this. So, it is duty of chief accountant of this department to see

* whether it is prepared according to the current provisions of company law or not?

* Whether all errors are corrected or not?

* Whether all the adjustments are done or not?

* Whether every other things relating to accounting standards are OK or not?


  Security of Accounts  4.

After making of accounts on computer and Internet or online mode, to secure the confidential accounting information is also main duty of accounting department. With unethical use of hacking, it may be possible that hackers can hack accounting information by breaking your password. For solution of this, accountant should learn security control. You can learn this at here.

  Inventory Management  5.

If any company is doing work in the area of manufacturing, then it is the duty of accounting department to manage inventory. For this,

1. # Accounting department should classify each units. Unit may be kg., or gram or any other.  For learning inventory management, you should learn our list of units of measurements of accounting for inventory at here.

2. #  Accounting department should also make stock groups.

3. # Accounting department should also keep stock items under stock categories.

4. # Accounting department should also maintain the multiple godowns also.

5. #  Transfer of different raw material cost should be record in production of finished product.

6. #  To maintain inventory books like group summary, stock transfer, physical stock register, movement analysis and ageing analysis.

Comments

: 2
  1. Won't you also agree that the accounting department is also responsible for preparation of managerial accounting reports used by finance department and by others? I have seen that in many large companies, i.e. accounting department prepares such reports, but does not perform anay analysis

    ReplyDelete
  2. What is the relationship between the accounting function and the accounting department?

    ReplyDelete
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Accounting Education: Function of Accounting Department
Function of Accounting Department
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Accounting Education
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