Finance and Accounting

Finance and Accounting - has to produce all the financial...

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Finance and Accounting The Finance Director has responsibility for all the finance and accounting functions. These include obtaining the funds required to run the business – either capital raised through share issues, or borrowing long term by debentures or short term for working capital. These funds have to be managed, and that is the job of the Treasury Department. In very large organisations this may include foreign exchange dealing. BP, for example, has its own foreign exchange dealing room to do business with the banks. The finance department is also responsible for the provision of information to the board, shareholders and tax authorities, so it
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Unformatted text preview: has to produce all the financial accounts required by law and the information for investors and analysts. There has to be an organisation to deal with pay and pensions. Internal budgets and financial information have to be produced for every department and section. This may be carried out by the costing and management accounting sections which also produce control information. Credit management and control are important functions and can form a large department in firms which do a lot of credit business with large numbers of customers. Ensuring payment on time is essential for managing the cash flow....
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This note was uploaded on 02/26/2011 for the course BUSINESS Bus 063 taught by Professor Hidi during the Spring '11 term at West Valley.

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