ABSTRACT
The department of accounts and finance is responsible for the accounting of income and expenses of an organization and analyzing financial data. For obvious reasons, top management and the owners of organizations are especially interested in financial management. Whenever a payment is received in an organization, an entry is made in the accounting books in chronological order of the receipt. The finance department is also responsible for preparing the annual statement of accounts in accordance with income tax rules and regulations, for the purpose of income tax assessment. It also submits periodical returns to various direct and indirect tax authorities. Advance taxes and so on, must be deposited in the government account within prescribed time limits. The finance department is invariably comprised of qualified managers to carry out an internal audit of the organization. Financial data is analyzed to reach conclusions and to make required decisions.
