The finance department in an organization oversees financial planning and management activities, including budgeting and forecasting, reporting and compliance, and creation of value. Some of these responsibilities help the organization meet compliance obligations. Others contribute to profit-building for the company.Know More
Budgeting and forecasting is completed on a regular basis in companies. The finance department prepares historical documents and projects to aid leaders in developing forward-looking budgets. Leaders in finance inform executives about any changes to projections based on over- or under-developing sales results.
Reporting and compliance is a major role, especially in a public company, because it must issue regular earnings reports to inform shareholders and the public about its current financial position. The finance department prepares common financial statements that meet Securities and Exchange Commission requirements. Company leaders than present this information in a press release and often in a conference call with analysts. Finance departments also prepare internal financial reports that are used by managers for decision-making.
Increasingly, companies rely on finance departments for strategic planning and risk analysis before making investment decisions. Before a company invests in new property or equipment, for instance, the finance department might prepare a risk analysis report. Finance departments also play a key role in advising on business investment activities.Learn more about Corporations
An organization’s purchasing department bears the responsibility for procuring materials, supplies and services, as Reference for Business explains. Employees in the purchasing department are called buyers, supply managers or purchasing agents. Purchasing means obtaining appropriate materials, services and technology from the right source, in the right quantity and at the right time.Full Answer >
Magic Mart department stores have an online rating of 3 out of 5 stars , have been in business since 1967 and provide customers value-priced national brands at money saving prices, according to the Magic Mart website.Onlinereviewers report that the selection is limited and disorganized, the store layout makes departments hard to find and some items are overpriced. Customer satisfaction varies greatly based on what the customer is in the market to buy and which location is visited.Full Answer >
As of 2015, Bobby's Department Store sells a wide range of products, including home goods, linens, furniture and beauty supplies, along with apparel for men, women, children and babies. These items are available for purchase in physical stores in New York and New Jersey, and from the company's website, ShopBobby.com.Full Answer >
Syms announced its bankruptcy protection filing and the closure of all its stores in November 2011; all company assets were liquidated and all Syms locations were closed by the end of January 2012. This closure included all Syms and Filene's Closet stores.Full Answer >