The task of keeping an account of all the financial transactions by way of double-entry bookkeeping as per regulatory guidelines lies with financial accounting. The financial accountant is responsible for financial accounting.
Analysis of the financial needs and review of existing systems is financial system management. The design and maintenance of financial systems and providing an interface between finance and technology is part of the financial system’s work.
Managing the payment of salaries and compensation of the organization is the responsibility of the payroll system. Larger organizations have a payroll system to manage payments, and in smaller organizations, the financial accountant manages payments.
Creating and managing the annual budget of the finance department and controlling and approving the budget of other departments is budgeting. The budget accountant in large organizations and the management accountant in smaller organizations carry out budgeting.
Management accounting takes care of the management and control of the financial information required for the smooth operations of the organizations. The management accountant will be responsible for this function.
Treasury and Financial Planning:
Treasury and financial planning function is important for the financial health and success of the organization. Management of money and financial risks in a business is the main function of the treasury wing of the finance and accounting department.