The below salient features will be the main course to discuss in your structured training,
Accounts Payable (money out):
In order to maintain great relationships with vendors, making sure that everyone gets paid on time is a vital role. The role of the accounting department includes keeping an eye on opportunities to save money, for example, determining if there are discounts or incentives available for paying certain vendors more quickly. At the very least, AP should be scheduled to assure that the least amount of money has to go out per payment, i.e., no late payment charges!
Accounts Receivable and Revenue Tracking (money in):
Another critical duty of the accounting department is to account for and track receivables, including outstanding invoices and any required collection actions. Accounts receivable is responsible for creating and tracking invoices. The responsibility here includes assuring that customers pay those invoices on time, so a system of friendly reminders is crucial.
Payroll is a critical function of the accounting department and includes making sure all employees are paid accurately and timely. In addition, proper tax is assessed and tax payments are on time with state and federal government agencies.
Reporting and Financial Statements:
The primary reason you collect data properly in your accounting software is to prepare financial reports that can be used for budgeting, forecasting, and other decision-making processes. In addition, these and other reports are needed for communication to investors, banks and other professionals that play a role in the growth of your business.
Financial controls include reconciliations, dividing the responsibilities, and following the GAAP standards of accounting principles, all of which are implemented with a view toward compliance, fraud, and theft prevention. The role of the Controller is to ensure procedures are set up properly to manage that process without errors.