Accounting Functions Performed By The Accounting Department Of An Organization

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.

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