The Role of the Finance Department
RUNNING HEAD: The Role of the Finance Department
Phase 1 DB 2 The Role of the Finance Department
Tammy Thomas
Colorado Technical University
Anthony Williams
FIN310-0904B-03
November 30, 2009
Phase 1 DB 2 The Role of the Finance Department
Businesses have a number of departments or divisions but there is only one department that you can rely on to get you all the financial and accounting information that you will need as a division manager and that is the Finance Department. This department will cover areas like bookkeeping, profit and loss, update managers, and financing (eHow, 2009). The Finance Department has the responsibility to administer activities like “the receipt, expenditure, accounting, investment, custody and control of municipal funds and assets including the budget (both operating and capital); financial accounting, which shall be conducted according to generally accepted accounting principles; investments and insurance; payroll; pension administration; and other financial matters” (City of Reading, PA., 2009).
As technology change and businesses grow with demand to new technology financial executives are learning and teaching new ways to bring increased value to their companies. Financial executives are using a more analytical approach to running the organization. They are no longer relying on utilizing the tangible assets such as capital, real estate, inventory, etc. However companies are trying to understand the overall performance of the organization, indentify ways to measure and maximize the value of the intangible assets, reduce operating cost, and improve business processes.
As the division manager you know when you receive information and data from the Finance Department the reports and information will have accurate records and you can be assured to receive them in a timely manner. The Finance Department operates on ensuring legal and ethical compliance to every transaction and report. They do not
Phase 1 DB 2 The Role of the Finance Department
Tammy Thomas
Colorado Technical University
Anthony Williams
FIN310-0904B-03
November 30, 2009
Phase 1 DB 2 The Role of the Finance Department
Businesses have a number of departments or divisions but there is only one department that you can rely on to get you all the financial and accounting information that you will need as a division manager and that is the Finance Department. This department will cover areas like bookkeeping, profit and loss, update managers, and financing (eHow, 2009). The Finance Department has the responsibility to administer activities like “the receipt, expenditure, accounting, investment, custody and control of municipal funds and assets including the budget (both operating and capital); financial accounting, which shall be conducted according to generally accepted accounting principles; investments and insurance; payroll; pension administration; and other financial matters” (City of Reading, PA., 2009).
As technology change and businesses grow with demand to new technology financial executives are learning and teaching new ways to bring increased value to their companies. Financial executives are using a more analytical approach to running the organization. They are no longer relying on utilizing the tangible assets such as capital, real estate, inventory, etc. However companies are trying to understand the overall performance of the organization, indentify ways to measure and maximize the value of the intangible assets, reduce operating cost, and improve business processes.
As the division manager you know when you receive information and data from the Finance Department the reports and information will have accurate records and you can be assured to receive them in a timely manner. The Finance Department operates on ensuring legal and ethical compliance to every transaction and report. They do not
References: City of Reading, PA> (2009). Finance department. Retrieved November 28, 2009, from http://www.readingpa.gov/finance_faqs.asp#finance1 eHow, Business & Finance. (2009). What role does the finance department play in a business? Retrieved November 28, 2009, from http://www.ehow.com/facts_5683333_role-finance-department-play-business-.html