Different Functional Areas Within A Finance Department 2.3

• What is the role of financial accounting?


  Financial accounting handles the preparation of financial statements (balance sheets, income statements, cash flow reports) and ensures compliance with regulations.
• What do financial systems manage?


  Financial systems manage the technology infrastructure supporting financial operations, ensuring accurate data processing and reporting.
• What is the focus of financial planning?


  Financial planning focuses on setting financial goals, creating forecasts, and developing strategies for growth and stability.
• What is the purpose of budgeting?


  Budgeting develops and monitors the allocation of financial resources, ensuring funds are used efficiently within an organization.
• What does payroll management involve?


  Payroll management involves handling employee payments, tax deductions, and ensuring compliance with labor laws.