What is an Accounting Department?
The accounting department is the group of people in a corporate structure who are responsible for generating data, maintaining the ledgers, Taxes, and costs, and creating financial statements. Reporting the processed data is also a mandatory task for the accounting department.
The accounting department maintains all business transactions accurately and ensures internal control throughout the organization. It helps to make decisions by reporting data in an understandable format to the management.
Accounting Department Structure
In larger companies, there are certain Managers as Payroll, Taxes, Accounts Receivable, and Accounts Payable. These managers report to the Finance Controller. The finance controller reports to the Chief Financial Officer (CFO) of the company.
In smaller businesses, one person maintains all books and records and is known as a bookkeeper.