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The first 200 words of this essay...
The 'Finance Department' has the responsibility to see that the money coming into and out of the business is managed properly. If this is done efficiently then there should be enough money to pay the bills that are due. The 'Revenue' is used to pay for the things they had to buy in order to run the business. It is also used to pay the workers. The revenue is the money made by the business by selling its products and services.
This chart shows the main activities of the 'Finance Function':
The 'Finance Director' is in charge of: financial accounting, costing & budgeting, managing finance and payroll.
Financial Accounting deals with recording transactions, keeping accounts and preparing the reports for management.
Costing & Budgeting deals with working out the cost of products, analysing past costs and income and setting targets for the costs and income.
Managing Finance deals with working out what resources are needed and raising capital and loans for the finance resources.
Payroll deals with keeping track of the amount of hours worked by employees and calculating the pay & deducting taxes.
'Keeping records of all financial transactions' is
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