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Nokia Finance department.

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Introduction

Nokia Finance department Finance department The finance department is responsible for razing the money so that the business can survive or expand. It can do this by a judicious mixture of borrowing, going to the shareholders, reducing costs and managing to increase process marginally. Sources of finance * Tax refunds * Bank * Mortgage * Private loans * Credit cards * Shares * Grants * Overdrafts * Personal investments * Borrowing * Savings * Windfalls The department must record all financial transactions, it must be involved in costing and advise on pricing, and it prepares and arranges for the payment of wages and salaries. It must provide continuous prepare the final accounts for the year which will be audited and presents to the shareholders' meeting. ...read more.

Middle

It is not that they are so much cleverer than our predecessors were; it's just that they have better tools. The obvious one is the computer. In most supermarkets the check-out process and the till are managed by bar codes on the goods which the customer wants to buy. These are passed before a bar code reader which registers the item and its price on the computerized till. The customer gets the bill, grasps at the total and presents a debit or credit card. That is swiped through another reader and a credit card bill is produced which the customer checks and signs. No money has changed hands in terms of currency, no adding up has been done, every item charged for can be checked by the customer (who cannot add up anyway and merely puts in the trolley what is wanted and hopes for the best at the check-out). ...read more.

Conclusion

the finance staff can present an immediate report the following morning on how any one branch or any one product is succeeding and also how all the branches and products are collectively moving towards their targets. The point here is that Nokia are able to take action as soon as they are aware that it had all gone wrong and they know at once what to do. In every Nokia branch the financial information is provided on daily basis What happens between opening hours one day is recorded, analyzed may be acted on by 0900 the next. It's usually earlier than that really, but head office staff gets in later. Management accounting it about everything that contributes to performance and controls everything that can be controlled. ...read more.

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