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Finance Department and Their Duties in Business Org
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[QUOTE="Holicent, post: 269343, member: 76163"] [FONT=Verdana]The finance department of a company is responsible for the planning, control, and evaluation of financial activities.[/FONT] The company's overall financial goals and objectives are determined by the finance department. The company's long-term strategy plan serves as the foundation for the goals, which are created in cooperation with other divisions like marketing, sales, operations, human resources, and administration. To achieve these goals, a company needs have a thorough awareness of its financial situation how it makes money, how it spends money, and what it takes to keep its competitive edge. Every organization has this department, especially those where commerce is conducted. [FONT=Verdana]The objectives of the department include: 1. To ensure that the firm has adequate funds for operating expenses, capital expenditures, and debt obligations in order to meet its objectives. 2. To maintain an orderly flow of funds between assets and liabilities so that there are no shortages or surpluses at any point in time. 3. To ensure that all financial activities within the firm are managed in accordance with generally accepted accounting principles (GAAP).[/FONT] [/QUOTE]
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