Finance and accounts are a branch of accounting that is concerned primarily with the reporting, analysis and the preparation of reports about financial transactions associated with a company. This includes the preparation of periodic financial reports available to the general public. The reports produced by the finance department are prepared in such a way as to provide accurate information to the public about a company’s performance. They are used for decision making by management, investors, banks and other financial institutions.
There are two main areas of finance that fall under accounting: one is general accountancy and the other is managerial and financial accounting. General accountancy deals with making the financial reports that are required by law to be filed by organizations with public offices. Managerial and financial accounting deals with making the financial statements that are required by shareholders, banks and other financial institutions. The key aim of both these areas of accounting is to provide reliable and accurate financial reports that can be used for making important decisions regarding an organization imp source.
A manager prepares the budget of his organization. The budget is a plan that shows how the organization plans to spend its money in order to achieve its goals. The accounts department then analyzes the financial position of the organization to see where there is room for improvement. It is then responsible for preparing the financial reports that are required by shareholders, banks and other lenders. In addition to these reports, the budget office prepares the operating budget and the forecast for the future.
Finance and accounts have several other specific sections as well. The Under Secretary for Finance and Accounting is responsible for ensuring that the procedures required by the laws such as the Securities Exchange Commission (SEC) are followed. The Under Secretary also prepares and implements the annual budget and prepares the guidelines used by internal control systems within the department.
Within the budget office is a division called the Managerial Accountant’s Department. The responsibilities of this division include preparation and approval of the organization’s annual budget. This budget is reviewed by the budget officer with input from management and the various other accountants in the department. Once the budget is approved, it is sent to the various creditors that represent the different segments of the organization see this.
As part of the overall responsibilities of Finance and Accounts, the budget office also manages the accounts receivable collections and collects payments on behalf of the organization. Payments may come in the form of checks or electronic funds transfers. In order to ensure that the budgeting process is completed correctly, the budget office has regular contact with the managers and the accounts payable representatives of all of the different departments within the enterprise. These representatives have a duty to ensure that the allowances and obligations that are included in the annual budget are properly paid on the specified date each year.
