The accounting section is one of
the key departments in every business organization. And as such, there are a
lot of activities that take place in an accounting department on a daily basis.
The accounting department is responsible for all the financial aspects of the
company, and these accounting tasks are usually very complex.
At this point, we will be looking at some of the
functions performed by the accounting department of an organization.
•
Payroll;
This is one of the major functions of an
accounting department. Payroll has to do with making sure that all employees of
the company are paid their salaries accurately. So, it is the duty of the
accounting department to compile this.
•
Financial statements;
Most of the accounting data collected are used in
preparing financial statements such as the balance sheet, cashflow statement,
and the profit and loss statement. These financial reports are used for
forecasting, planning, assessment, and lots more. So, the accounting department
is expected prepare these statements and reports.
•
Inflow and outflow of cash;
It is also the duty of an accounting department
to record the flow of cash such as accounts receivable and accounts payable.
These are some of the major roles played by the
accounting department of an organization. These roles listed above are very
important and contributes to the success or failure of a company. Since these
tasks requires in-depth accounting skills and experience, most employees in the
accounting department of a company may not be able to perform these roles
efficiently. And this one of the reasons why some companies usually outsource
their accounting functions.
Kaya Tax is a company that provides Orange
County accounting & bookkeeping services for companies. They have
just what you need for the accounting department of your organization.As one of the leading accounting services provider in
Orange County, rest assured of getting the best of accounting and bookkeeping
services from them.
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