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Fianance directly deal the fund flow used by the company like bank or simililar institutions etc
Accounting and Finance Department should be consisted with the following Divisions:
1. Revenue Operations and Management Division: This division will be engaged with Accounts Receivabels management. It will recover the outsatnding debts from customer and deal with the customers' debt management.
2. Budgeting Dvision: This division should deal with the preparation of every kind of Budget for the organization.
3. Accounts Payable Division: This division will deal with vendor and non-vendor payment.
4. Supply Chain Management Division: This division will deal with procurement and inventory management related activities.
5. Insurance Division: This division will deal with Insurance related activities of the whole organization including Employee Personal Insurance and Company Insurance.
6. Tax Division: This division will deal with all Tax and VAT related issues and it will consist of Qualified Tax Professionals.
7. Fixed Asset Division: This division will deal with all Fixed Asset, Asset Register, Depreciation Calculation, Requisition for New Asset etc.
8. Treasury Division: This division will deal with Fund Management, Financial Management, New Funding, Financial Market related issues etc.
9. Financial Reporting: This division will deal with Financial Reporting related activities according to IFRSs and ISAs. All sorts of Recording, Reporting and Analysis of Financial Data will be dealt with this Division.
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Finance department is actively involved in raising finance for the continuous operation of entity where as accounting department cocerns about keeping records of daily transaction and proper maintenance of records for easy tracking of individual transaction and also for audit purpose
Role of Finance Department :
- Advisor to Senior Management how and when to raise funds/capital by the company without leverging extra liability
- Agile in recovering over due receivables from the deep clients
- Determines and adopts new measures to improve productivity and growth
- Take leads in formulation of management policies of the company.
- Budget monitoring and insures proper internal control to follow standards.
- Pricing & tresaury supervision & risk management
Finance Department is an function of an oganization and Accounting is an process of record keeping of Business activities(Accruals or projeted) for balancing business equation.
Fianance directly deal the fund flow used by the company like bank or simililar institutions etc
Accounting is used for the cah flow and credit matter and its proper traking
Finance department is concerned with actively raising funds for co's operations, while the Accounting department deals with the usual business of an accounts department i.e keeping records of funds deployed, Sales & Profits.
