Coming Soon
Subscription Marketplace - Buy and sell subscription products and services
713 views
in Articles by
So what goes on the accounting and bookkeeping departments? What do these people do on a daily basis?

Well, one thing they do that's terribly important to everyone working there is Payroll. All the salaries and taxes earned and paid by every employee every pay period have to be recorded. The payroll department has to ensure that the appropriate federal, state and local taxes are being deducted. The pay stub attached to your paycheck records these taxes. They usually include income tax, social security taxes pous employment taxes that have to be paid to federal and state government. Other deductions include personal ones, such as for retirement, vacation, sick pay or medical benefits.  It's a critical function. Some companies have their own payroll departments; others outsource it to specialists.

The accounting department receives and records any payments or cash received from customers or clients of the business or service. The accounting department has to make sure that the money is sourced accurately and deposited in the appropriate accounts. They also manage where the money goes; how much of it is kept on-hand for areas such as payroll, or how much of it goes out to pay what the company owes its banks, vendors and other obligations. Some should also be invested.

The other side of the receivables business is the payables area, or cash disbursements. A company writes a lot of checks during the course of year to pay for purchases, supplies, salaries, taxes, loans and services. The accounting department prepares all these checks and records to whom they were disbursed, how much and for what. Accounting departments also keep track of purchase orders placed for inventory, such as products that will be sold to customers or clients. They also keep track of assets such as a business's property and equipment. This can include the office building, furniture, computers, even the smallest items such as pencils and pens.

Please log in or register to reply to this topic.

Related topics

0 replies 749 views
posted in Articles by BeautifulWolf
0 replies 3,570 views
posted in Articles by Octopixy
0 replies 1,059 views
posted in Articles by HairyMagpie
0 replies 1,086 views
posted in Articles by ShowDolphin
0 replies 714 views
posted in Articles by VoyageHooper
0 replies 1,029 views
posted in Articles by FrighteningTwinkles
0 replies 769 views
posted in Articles by Wallaby
0 replies 711 views
posted in Articles by Falconjurer
0 replies 681 views
posted in Articles by Emufasa
0 replies 722 views
posted in Articles by Celestiger
0 replies 738 views
posted in Articles by PositiveVoid
0 replies 669 views
posted in Articles by OpinionOwl
0 replies 751 views
posted in Articles by TrustyKitty
0 replies 719 views
posted in Articles by SleepyFledgling
0 replies 779 views
posted in Articles by GroundHurricane
0 replies 677 views
posted in Articles by SwiftHeroine
0 replies 686 views
posted in Articles by Sumogre
0 replies 712 views
posted in Articles by Mosquiche
0 replies 669 views
posted in Articles by Tabooccaneer
0 replies 1,036 views
posted in Articles by Sassassin
0 replies 963 views
posted in Articles by GamerAlpaca
0 replies 762 views
posted in Articles by MysteryWasp
0 replies 865 views
posted in Articles by GreedySmile
0 replies 713 views
posted in Articles by BumblingBee
0 replies 613 views
posted in Articles by Herogue
0 replies 638 views
posted in Articles by Dingopher
0 replies 546 views
posted in Articles by Butcherry
0 replies 577 views
posted in Articles by PlaySeal
0 replies 555 views
posted in Articles by ForceSoldier
0 replies 548 views
posted in Articles by UncleRhino
0 replies 639 views
posted in Articles by HairySeahorse
0 replies 1,031 views
posted in Articles by MagicalCyborg
0 replies 712 views
posted in Articles by HarshThunder
0 replies 664 views
posted in Articles by Knighthawk
0 replies 560 views
posted in Articles by Scorpeon
0 replies 629 views
posted in Articles by Knighttime
0 replies 587 views
posted in Articles by Octopuppy
0 replies 556 views
posted in Articles by SilkPredator
0 replies 557 views
posted in Articles by nicejone
0 replies 597 views
posted in Articles by Finderpros
0 replies 704 views
posted in Articles by LovableStorm
0 replies 686 views
posted in Articles by GiftedWrecker
0 replies 643 views
posted in Articles by AmazingKitty
0 replies 669 views
posted in Articles by Amigod
0 replies 1,131 views
posted in Articles by Cybora
...