Finance Management
Financial management is all about monitoring, controlling, protecting, and reporting on a company's financial resources. Companies have accountants or finance teams responsible for managing their finances, including all bank transactions, loans, debts, investments, and other sources of funding.Individual paychecks to employees are typically the responsibility of the HR department.
However, overall workforce costs roll up to the finance team so they can factor it into their budgets and plans. Finance is also responsible for reimbursing employee expenses, such as work-related travel and meals.Every company must file. taxes; and, like the rest of us, they want to take advantage of as many deductions as possible to prevent overpayment. Some finance teams have tax specialists on staff to manage this. Those that don’t will often outsource this task to an accounting firm.