What Does the Accounting Department Do?

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Functions of an accounting department include receipt of money, paying bills, payroll, recording and tracking assets and inventory, and financial reporting. Discover how an accounting department will also compile and file taxes for a business with information from an accounting professor in this free video on accounting.

Part of the Video Series: Accounting Careers & Information
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Video Transcript

Hi, my name is Shawn Jones, adjunct professor here at Argosy University. Today, we're talking about the functions of the accounting department or what it does. The accounting department has several functions. This includes the receipt of money or accounts receivable, the paying of bills and invoices, which includes accounts payable. It also includes payroll -- being able to pay the employees that are within the organization. It also includes fixed...recording and tracking of fixed assets and inventories, along with financial reporting. The accounting department could...will also be responsible for compiling taxes and also other management reports to be able to help the business or organization be able to make sound economic decisions. For more information about this topic, please visit our website at argosy.edu. There you can find our phone number or an address to come and visit our Salt Lake City campus.

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