What and How the Finance department works

Question

Accepted Answer

The finance department manages financial transactions, budgets, and reports to ensure the financial health of the organization.

The finance department is responsible for managing financial transactions, including accounts payable and receivable, payroll, and taxes.
They create and manage budgets to ensure the organization is operating within its means and can achieve its financial goals.
They prepare financial reports to provide insight into the financial health of the organization and to inform decision-making.
They work closely with other departments to ensure financial compliance and to provide financial guidance and support.
For example, the finance department may work with the sales team to create a budget for a new product launch or with the HR department to manage employee benefits and compensation.

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