Finance Accounts department – SportsHunter

Finance Accounts department

A accounts department is a department in a company, organization or agency that accounts for the finances of the entity. There are several specialized accounts departments within a business: accounts payable, accounts receivable, accounts management and internal auditing.

In most companies, accounts payable has the task to ensure that all bills from suppliers are paid on time and that no payments have been overlooked. In this role they send out invoices and make sure any credit notes have been taken care of correctly.

The accounts receivable is responsible for ensuring that customers pay their bills on time and in full. They handle customer inquiries about balances due and make follow-up calls if payment isn’t received when expected.

Accounts management is responsible for checking invoices accounts department is a department in an organization that handles accounts payable and accounts receivable.

An accounts department is not necessarily connected with finance (the administration of money) or accounts (the records of financial transactions). An accounts department in the modern sense first appears to have been established by Frederick Winslow Taylor . By standardizing on one machine, he observed, productivity on each machine could increase significantly, as could overall production. Previously only individuals performed each step involved in completing a task. Standardization broke work down into tightly-controlled steps built around discrete motions requiring little skill, allowing workers to replace experienced craftsman with lower paid laborers who needed little training; this also led to faster pace on the line because people were doing repetitive motions at high speed rather.

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