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The Key Functions of a Business

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The Key Functions of a Business

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  • July 4, 2009
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THE KEY FUNCTIONS OF A BUSINESS

1) OPERATIONS : Provides consultant and advisory service to the company on matters affecting overall corporate and activity management. Also responsible for the corporate planning system. Coordinates the activity's Information Technology/Communications efforts & Leadership System. Analyzes activity policies and administers programs with respect to effective and efficient use of manpower, information, material, services, positions, mission, organization, and tasks.

2) HUMAN RESOURCES : The basic reason of this department is to work hand in hand with the employer as well as the employee. It has to manage within the minimum cost the benefits and requirements of the employees. As there are certain needs of humans which are unpredictable so an HR department must be active enough to participate in the changes.

3) ACCOUNTING : The mission of the Accounting Department is to provide accounting services to the company. The Department of Accounting in a company might consist of six divisions. Each division listed below performs specific functions that enable the department to provide accounting services to the company and its components.

Accounting Administration
Overall administration of the department including policies and procedures, insuring internal control, budgetary responsibility, and personnel.

Payroll
Responsible for the proper payments and maintaining necessary records for all company employees.

Cash Management
Responsible for the receipt and investment of monies, banking relationships and general cashier operations for the company.

General Accounting (Consists of Accounts Payable, Check Disbursements and Travel) The Accounts Payable section is responsible for processing payments for merchandise and services where a valid purchase order was placed with the invoicing vendor. The Check...