Analyse the relationship between the financial function and other functional areas within organisations

Answer:

Many company owners considers financial function  to be the most essential feature in financial areas. This is due to the fact that many companies need a consistent source of revenue in order to cover their bills. Finance personnel keep track of all money raised and expended.

that senior management is still aware of how much benefit (or loss) is made from each product or division of the firm and how much money is actually owned by the company

Since important decisions are based on factual facts, they can be taken quickly and reliably. In certain cases, this can be the difference between two options.

A company's overall success or loss,

Various types of finance consultants are working in many major businesses:
Management accountants keep track of departmental spending.

present revenue profits, write cash flow estimates, and specialize in analyzing day-to-day financial data and keeping senior management updated

Financial accountants are in charge of preparing statutory accounts. Every year, all businesses are required to have a Balance Sheet, Profit and Loss Statement, and most even provide a cash flow statement.

Overdue balances are monitored by a credit controller, who takes steps to reclaim bad debts.

Finance staff assists accountants by maintaining accounting statements, running down late fees, and billing for purchases. About all companies now use electronic accounting software to keep track of their finances.

financial transfers and reports, as well as spreadsheets for financial data analysis.Any financial divisions prepare payroll and pay employee wages in-house, while others outsource this to a specialized bureau.

Finally, companies will frequently need funds to achieve particular goals and objectives related to development, expansion, or merely replacing their equipment or machinery.

These products may be purchased with money set aside (reserved) from previous earnings, but normally additional funds are needed. If the company has to borrow money, it would look for the cheapest option.

Interest rates should be as low as possible, and maturity conditions should be as favorable as possible. Choosing where to get these funds is a specialized role that is usually handled by the senior financial officer.