An accounting department of any business plays an important role in managing money, collecting payments and accounts receivable, paying bills and utilities on time, and ensuring that the business maintains a positive net worth.
What are the Goals and Objectives of an Accounting Department?
Accountants often set goals and objectives for the entire department to ensure that the business follows the best possible accounting practices at any given time. These objectives and goals may differ for each company.
One-time payroll
The accounting department is responsible for managing and updating all payroll information for existing employees in a given company. One of the goals is to provide accurate information on payroll and payments to employees. Employee earnings must be tax deducted before being issued to the workers in question. Also, the accounting department should aim to send these payments on time despite other projects or deadlines.
Debtor accounting
Accounts receivable describe the accounts for customers who owe money to the business. Customers who purchase products and companies that purchase ongoing services from a particular business fall into this category. One goal for all accountants working in the accounting department is to keep track of all outstanding accounts receivable, which means contacting buyers to see when payments will be made. At the time of sale, an invoice is issued with a payment date, but busy companies or individuals may require additional notice, which is a common goal of an accounting department to maintain the financial balance of the business.
Direction of budget modifications
Board members and executives often have meetings around the issue of increasing profits without compromising the quality of production. If budget changes need to be made, the accounting manager often offers input on the changes, knowing how the business is doing financially. One of the goals is to offer changes and solutions that keep the company’s net worth in balance and ensure that the budget has a positive profit figure each month despite the changes made.
Customer Support
Since accounting representatives often contact accounts receivable to collect payments, a common goal is to provide customer services and information whenever possible. Common goals of the department include answering inquiries or emails within 24 hours, paying invoices to the company within 10 business days of receipt, dealing with surcharges made to customers who have not met a deadline. payment and provide information on current invoices.
Example of Mission, Goals and Objectives of a General Accounting Office
Mission
The mission of the General Accounting Office is to provide quality customer service for
the University and its components, while exercising responsible management of the University
resources. The department aspires to excellence in its financial and administrative management.
of its policies and the provision of services in response to the needs of its clients.
the ever-changing needs of the University.
Goals / Objectives
1. Provide quality customer service.
to. Respond to questions within 24 hours.
b. Payment of invoices within 10 business days of receipt of a duly paid invoice.
invoice or request for payment.
c. Timely payroll payment.
2. Exercise a responsible management of university resources
to. Maintains the accounting records of the University and related systems of
internal control in accordance with generally accepted accounting
University principles, policies, and government requirements.
and external sources of financing.
b. Responsible for the audit and processing of invoices and payments of
University.
c. Responsible for the treasury services of the University, including the services of
banking, cash management, bond indebtedness, investments and supervision of
operating funds and endowments of the University.
3. Monitor improvements to the current financial system and seek new technologies.
resulting in greater efficiency and cost savings.
to. Implement budget reports online within the University.
b. Complete installation of TouchNet products.
c. Automate the registration of electronic payments to suppliers.
d. Implement electronic time cards for payroll.
4. Communication with university staff.
to. Distribute the financial policies of the University in relation to the functions of
the General Accounting Office.
b. Help staff understand General Accounting Office procedures.
c. Inform faculty, staff, and students of any procedural changes.