An Overview of The Accounting Department's Role in the Company.
According to Kevin Mulleady , in order to be successful, a company's accounting department is a need. Accountants are in charge of ensuring that the company's financial transactions are compliant with all applicable laws and regulations. They monitor tax changes and file income, sales, and property and franchise taxes. Control and monitoring of financial controls are also responsibilities of the accounting department. Detecting and preventing fraud and theft is a priority for them, and they take the necessary precautions. The accounting department should be adequately staffed to ensure the accuracy of financial data. A well-functioning accounting department is made up of a variety of people who handle all areas of the company's finances. Signing checks may be given to others or given special responsibilities. Negotiating discounts or incentives from vendors for prompt payment may be an option they keep an eye on. In addition, they should plan their payments in a way that mi...