Core Responsibilities of the Finance and Accounting Department

Responsibilities of the Accounting Department

1. Produce timely and accurate information for Management and any other required recipients.

2. Provide Analytics that support the operations and Management of the Entity.

3. Identify information and assist in setting the Entity’s Objectives.

4. Assist and develop strategies to achieve the Entity’s Objectives.

Organization - Finance and Accounting

The typical mature Finance and Accounting Department has four levels of personnel and the responsibility of each is as follows:

1. Specialists or Clerical Assistants

2. Staff Accountant

3. Controller

4. Chief Financial Officer

The Specialists or Clerical Assistants are responsible for the original entry of data and understanding of the operations of their specific department responsibilities. For instance, Accounts Receivable, Accounts Payable, Sales, Payroll, etc.

The Staff Accountant is responsible for the accuracy of the data and documentation to verify its accuracy.

The Controller is responsible for reviewing all data compilation, Accuracy of the Data and preparing all financial and other informational reports and for providing information as required.

The Chief Financial Officer is responsible for analyzing the Reports, Developing Analytics and overall reporting and planning for the Entity. The Chief Financial Officer is also responsible for the Coordination of financing, fiscal management, and coordination of the legal affairs of the Entity.