The Accounting department is the one in charge of some of the financial transactions within the company such as: (1) Payroll – they are in charge of the sum of all financial records of salaries for an employee, wages, bonuses and deductions. (2) Cash collections - All cash received from sales and from other resources are carefully identified and recorded. The accounting department makes sure that the cash is deposited in the appropriate checking accounts of the business and that an adequate amount of coin and currency is kept on hand for making change for customers. (3) Cash payments - In addition to payroll checks, a business writes many other checks during the course of a year — to pay for a wide variety of purchases, to pay property taxes, to pay on loans, and to distribute some of its profit to the owners of the business. The accounting department prepares all these checks for the signatures of the business officers who are authorized to sign checks. The accounting department keeps all the supporting business documents and files to know when the checks should be paid, makes sure that the amount to be paid is correct, and forwards the checks for signature. (4) Inventories – With all the transactions taking place, these should all be recorded and checked. The accounting department is mandated to keep inventories.
The audit department’s main purpose is to conduct financial evaluation on the company and employees on a regular basis to prevent fraudulent deeds. It should be assured that all financial transactions are recorded and checked.
The Marketing department is solely concerned with the customers. Keeping the customers satisfied is the purpose of its existence. Thus, this department covers almost everything in the company that has connection with the customers. This department is the one that formulates or improves new/old products or services to be offered to the market. On the other hand, this department also...
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