• 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...


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.


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.


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. Business at Work - BT plc

    Such as sending payment to creditors and sending information to BT's customers. BTs needs to communicate with internal & external people which they use various range of external communication to do specific jobs such as using media a way in promoting their product and services or company reports, notification of

  1. Introduction to Business Finance.

    It is a safe method of payment, as it can be sent through the post and only the payee can use the cheque. These will be used on a regular basis. They will always follow the purchase and the business receiving its goods.

  2. Sales Department

    At the end of each day the sales data is sent to the head office for analysis. Hardware Used in retail A number of different types of hardware are used in the system. The most visible one is the EPOS terminal or till.

  1. Sources of Finance

    Another source of finance to meet these costs would simply be to pay for them outright through your start-up capital or your redundancy money. I recommend that you meet these costs through your redundancy money because; the fixtures and fittings will instantly become your property, allowing your business to operate.

  2. Nokia Finance department.

    Apart from being an unbelievably boring job it was prone to inconsistency, inaccuracy and incompleteness and was usually too late for any necessary remedial action to be taken. Things are different now.

  1. 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.

  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

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