• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

The Finance Department

Extracts from this document...

Introduction

The Finance Department The main functions of the finance department for BT is to record all business transactions, measure the financial performance of the business, hold financial accounts to see how well the business is doing, hold management accounts which the managers use to authorise and make decision etc. Computer Fax Letter Receives Telephone Information Salesperson Purchasing Department Sales Department Finance Department (for departments) Production Department Departments Customers Tax Authority Salesperson Purchasing Department - buys the fibre cables, vans tools etc Finance Department - calculates its profit and loss accounts Sales Department - Calculates revenue from sales of goods/services Production Department - Produces the goods/services for the customers need Financial Accounts - this has all the information and records of financial events and transactions made by BT. ...read more.

Middle

This is used to control the business and make sure that the business is on track or to make improvement decisions. Cashiers Functions- The cashiers handle all the cash, cheques and credit/debit card payments, they check that the money is not being stolen so the cash, cheques and credit/debit cards get counted, calculated and recorded before it is sent to the bank. Wages Function - the person who is in control with the system, which prints out the pay-slips, makes sure that they are correct and don't have print errors on them with a few more zeros added onto the end. This is also known as the pay roll function. How finance department helps BT to increase their revenuse from sales. ...read more.

Conclusion

Every year each department gets a budget, they have to use the budget carefully and efficeintly not to finish it during the first six months. They have to try and minimise their costs. The finance department records and tracks down on their BT's spendings. They can show it to other departments and they can gain advice from them like if they are buying twice as much needed as only half of the products are being sold they should cut down next time so that they don't lose any revenue from sales. The finance department also advises other departments on where it should reduce its spending and where to increase them if a particular part is not increasing. Ahmet Kurban Business AVCE Mr Fitton Page 1 of 2 ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level ICT in Business section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level ICT in Business essays

  1. Tesco Finance Department

    business going in a good way and never let their profits decrease. Tesco operations Tesco operations are broken down into several areas which are: * Production - This means tesco has its own brands they have produced and then to sell.

  2. Nokia Finance department.

    That is a familiar practice to most people. But, of course, there is much more to it than that. The stock in the branch is replenished from the analyise of the items on the customer's bill - all the bar code sales are stored electrically.

  1. Business at Work - BT plc

    They have tried to develop people at work so they can interact better with customers either face-to-face or other forms of communication with the customers which BT wont various intelligent workers with range of skills and ability to work more effectively especially in problem solving situations.

  2. Sales Department

    One copy of the receipt is given to the customer, the other is stored on the till roll and kept by the shop. Data is also output to other systems within the organisation. For example the product sold is sent to the stock control system, so that it can be deducted from the total number in stock.

  1. Sources of Finance

    However, although less initial finance is needed to obtain the assets, over time this works out more expensive than buying. Hire purchase is similar to leasing except the firm will eventually own the assets. The assets are paid for in instalments, whilst the business is using them, this however can

  2. The management of business finance

    The advantage of course of this method like above is the prompt availability of cash. Other benefits to this method are the saving of time, effort, resources and hassle in the debt collecting process. The disadvantages to this method are that factoring organisations would only however, take on client companies

  1. Introduction to Business Finance.

    It gives both businesses a record of what goods have actually been received. The businesses can use it as a check with the purchase order, delivery note and with their stock levels. This document will follow the delivery of goods.

  2. Finance Department.

    Finance won't be able to advise the managers as effectively to. Tesco is always spending money or receiving it from the sale of goods and services so it is very important that they keep records of whatever they do. 'Preparing Accounts' is another function of the finance department.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work