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.
The finance department employs a number of experts. These are
accountants, but they are not all the same. There is a variety of
speclities which accountants cover. We have already mentioned the role
of the finance department in providing management with continuous
financial information. As its role implies this is the duty of the
management accountant who is responsible for the information which is
obtained from each of the functional areas of the business.
At one time all this information was laboriously produced on paper and
collected by clerks who spent hours analyzing it. 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. 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.
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The next level is the accounting department. The accountants are the ones that handle the day-to-day accounting and bookkeeping operations of the business. The accountants have to prepare asset, liability, and capital account entries by compiling and analysing account information and also...