A business's finance department is responsible for processing payroll, paying vendors or suppliers (accounts payable), accepting payment from customers (accounts receivable), allocating assets, reducing liabilities and managing cash flow. A company's finance department could consist of only one person or it could employ dozens of financial professionals.Continue Reading
In large companies, the head of the finance department is the Chief Financial Officer, or CFO, according to Investopedia. The CFO is responsible for managing all financial and accounting business for the firm, including the preparation of all financial reports.
The finance department of a public company is often much different from that of a private company. In the former, for example, the finance department is responsible for maintaining relationships with stockholders as well as conducting the everyday financial business relevant to the firm, according to JA Smith & Associates.
In some companies, the finance and accounting departments are separate. The accounting department handles accounts payable and receivable as well as payroll, while the finance department deals with shareholder value, corporate assets and corporate liabilities.
In a broader sense, the finance department must determine where and how to spend money. This department is often tasked with finding cheaper alternatives to expensive products or services. The finance department can also work closely with human resources to manage employees' compensation and salaries.Learn more about Accounting
FindLaw states that positive cash flow is a strong sign a business is in good financial health. Companies rely on cash to pay bills, protect against risks of negative business cycles and reduce reliance on debt for payments. Cash flow brings financial and operational stability to an organization, according to Neil Kokemuller for the Houston Chronicle.Full Answer >
A payment processing center accepts payments and transactions from customers, processes them and submits the funds to the business's bank account, as noted by Kabbage.com. Some processors are set up to solely accept digital payments, as in credit and debit card payments, through a merchant's online store.Full Answer >
Most bookkeeping templates contain a chart of accounts, current assets, fixed assets, current liabilities and long-term liabilities. Other information includes the business owner's equity accounts, sales revenue, all expense accounts, gains and losses.Full Answer >
The primary responsibilities of a cashier in a retail business include greeting customers, ringing up items purchased at a cash register, taking payment and issuing receipts. In some positions, the cashier also bags the items for the customer and hands over the items after the sale.Full Answer >