Finance department plays significance role in any organisation whether it is profit making organisation or non-profit making organization. The work of finance department is to use the organisation resources in the efficient and effective way otherwise wastage can be dangerous.
Actually finance department look for sources of fund and its best utilization, it allots the fund to different department like marketing, production, and R&D depending upon their need and requirement. Excess allotment of fund to any department can cause wastage.
Beside that it also look whether the fund is utilizing in the best possible way or not for getting result for the organisation.
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Impotance of having good relationships between the finance department and logistics department
You are a controller of each and every activity in the organization. This is your strength.
Hierarchy of finance department
what are the main activities involved in the finance department
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Impotance of having good relationships between the finance department and logistics department
A finance manager is responsible for everyone in the finance department. They are also responsible for creating budgets for the organization.
You are a controller of each and every activity in the organization. This is your strength.
With a strategic human resource department the organization will have people in place to help meet their organization's objectives. Every functional department in an organization should be strategic.
The finance department coordinates with other departments by providing financial data, analysis, and reports to support decision-making. They work closely with departments to set budgets, monitor expenses, and ensure compliance with financial policies and procedures. Effective communication and collaboration between the finance department and other departments are essential for the organization's financial success.
Most of the conflicts which arise between finance and marketing include budget allocations. The marketing department may have a good plan and a budget but the finance department will downplay the idea and allocate less money.
Hierarchy of finance department
what are the main activities involved in the finance department
Finance is important in business because it can help the business remain operational if managed correctly. Mismanagement of finances means that the business will start operating in the red.
Following are the main departments in any organization:L 1. Finance and accounts 2. Marketing and Sales 3. Human resource and administration 4. Technical / Operations Other departments depend on the size of the organization, like 1. Logistics 2. Procurement 3. Treasury department- sub dept of finance and accounts
Department of Finance - Ireland - was created in 1919.