Finance is about describing the study of money, about the investments or the other terms which are related to the finance. Finance is the most important term for the business or the companies. Most of the company has a different department which is connected with finance.
- Accounting department
- Department of cost accounts
- Department of auditing
- Financial planning and the budgeting department
- The cash department
- Credit department
Here is how finance is connected with the different department
The department which is in charge of the finance is known as a financial department.
The accounting department is in charge of keeping the records each and single transactions involve with the book transfer funds in other words incomes and the expenditure. They also finalize the accounts and financial.
Department of cost accounts
All the types of costing and the things which are related to the financial problems in the place of production are controlled by this department. These include recording, summarizing and allocating the expenditures of the company.
Financial planning and the budgeting department
One has to have a control over planning and designing and so, this department has in charge of it. The company has to plan on the finance which is called budgeting. This is an instrument for controlling.
These can be called as treasurer i.e. one who collects the cash and funds to make the payment in the support of the company. They also manage the problem of the deposits of public and the shares.
These take over the charge of the cash department. They deal with all the sales which are credited and creates the efforts on timely collections of the credit policies. Later they collect the information on about the worthiness of the credits which are meant for the customer.