Q:

What are some duties of an accounting department?

A:

Quick Answer

Some duties of an accounting department include managing expenses, filing revenue, keeping a record of all assets, directing the investment of money and reporting. These are among the most common duties of accounting departments in almost all organizations.

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Full Answer

The accounts department in any organization basically deals with issues having to do with finances. This department plays an integral role in the success of any organization. The following outlines some of the details regarding the duties of an accounting department.

  • Filing revenue - this department is responsible for accepting and sending any information regarding revenue. It is also responsible for ensuring that all legal revenues are paid on time in order to avoid legal problems.
  • Record keeping - this department ensures that all assets and capital project expenses are properly recorded. This facilitates easily referencing the data in the future.
  • Investment - this department is responsible for considering the various options available for investment and then releasing the most appropriate amount of money to start the investment.
  • Reporting - this department must compile a biannual or annual report in order to show investors or business owners how the venture is doing. This report is also used for auditing and accountability with regards to how the organization has been spending its money.
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