Nokia Financial Department Financial Department The financial department is responsible for raking in the money so that the company can survive or expand. It can do this through a clever combination of borrowing, going to shareholders, reducing costs and managing to marginally scale up the process. Funding sources* Tax refunds* Bank* Mortgage* Private loans* Credit cards* Stocks* Grants* Overdrafts* Personal investments* Loans * Savings * Windfalls The department must record all financial transactions, must be involved in determining the costs and provide pricing advice, and prepares and arranges the payment of wages and salaries. It must ensure the continuous preparation of the final balance sheet for the year which will be subjected to revision and presented to the shareholders' meeting. The financial department employs numerous experts. These are accountants, but they are not all the same. There are a variety of specialties covered by accountants. We have already mentioned the role of the finance department in providing management with ongoing financial information. As his role implies, this is the duty of the management accountant who is responsible for the information obtained from each of the functional areas of the company. Once upon a time, all this information was laboriously produced on paper and collected by employees who spent hours analyzing it. As well as being incredibly boring work, it was prone to inconsistency, imprecision and incompleteness and it was usually too late to undertake any necessary corrections. Things are different now. It's not that they are much smarter than our predecessors; it's just that they have better tools. The obvious one is the computer. In most supermarkets the checkout and checkout process is managed via barcodes on the goods that the customer wishes to purchase.