Q:

What are some duties of an accounting department?

A:

Quick Answer

Some duties of an accounting department include managing expenses, filing revenue, keeping a record of all assets, directing the investment of money and reporting. These are among the most common duties of accounting departments in almost all organizations.

 Know More

Full Answer

The accounts department in any organization basically deals with issues having to do with finances. This department plays an integral role in the success of any organization. The following outlines some of the details regarding the duties of an accounting department.

  • Filing revenue - this department is responsible for accepting and sending any information regarding revenue. It is also responsible for ensuring that all legal revenues are paid on time in order to avoid legal problems.
  • Record keeping - this department ensures that all assets and capital project expenses are properly recorded. This facilitates easily referencing the data in the future.
  • Investment - this department is responsible for considering the various options available for investment and then releasing the most appropriate amount of money to start the investment.
  • Reporting - this department must compile a biannual or annual report in order to show investors or business owners how the venture is doing. This report is also used for auditing and accountability with regards to how the organization has been spending its money.
Learn more about Careers

Related Questions

  • Q:

    What is the job description for a hotel revenue manager?

    A:

    A hotel revenue manager’s job description is to define and create effective hotel room rates with the goal of increasing revenue for hotels. The managers devise strategies and implement analytics to affect the number of rooms a hotel can book and to keep it competitive.

    Full Answer >
    Filed Under:
  • Q:

    What is financial accounting?

    A:

    Financial accounting is the accounting branch that deals with the financial transactions of a company. Through financial accounting all of the financial dealings of a company are recorded, from income to expenses. Then they are summarized in preparation for internal or external publication in a series of reports.

    Full Answer >
    Filed Under:
  • Q:

    What is a junior accountant?

    A:

    A junior accountant is essentially an entry-level accountant and often holds a bachelor's degree in accounting and performs tasks such as calculating taxes and preparing financial reports. A junior accountant performs various accounting tasks, generally under the supervision of a more experienced accountant or a manager, say experts at Investopedia. Junior accountants find work in many areas, including small businesses and many organizations.

    Full Answer >
    Filed Under:
  • Q:

    What are some examples of benchmark jobs?

    A:

    A benchmark job is a job that is well-defined across company lines, such as security, accounting and secretarial jobs, where information about median salaries is easily accessible and commonly available. In order to check if one organization is fairly paying its employees according to the market rate, public surveys are used to gather data about pay rates in one specific role or industry, as noted by Lehigh University.

    Full Answer >
    Filed Under:

Explore