So what happens in the departments of accounting and bookkeeping ?
What these people do on a daily basis?
Well , one thing they do is terribly important for all those working there payroll .
All wages and taxes paid and received by each employee each pay period shall be recorded. The payroll department must ensure that federal , state and local applicable taxes are deducted. The payment slip attached to your paycheck records these taxes. They usually include income tax , social security taxes Pous employment taxes that must be paid to federal and state governments .
Other deductions include personal , such as retirement , vacation, sick leave or medical benefits.
This is a critical function. Some companies have their own payroll department , others outsource to specialists.The accounting department receives and records any payments or receipts of customers or clients of the business or service . The accounting department must ensure that the money is collected accurately and deposited in the appropriate accounts. They also manage where the money goes , how it is kept on hand for areas such as payroll, or how much it will pay what the company owes its banks , vendors and other obligations. Some should also be invested .The other side of the business debt is the sphere of debt or outflows. A company writes a lot of checks during the year to pay for purchases , supplies , salaries , taxes, loans and services. The accounting department prepares all these checks and records that were disbursed , how much and for what. Accounting departments also keep track of past for inventory, such as products to be sold to customers or customer orders. They also monitor assets such as owning a business and equipment . It may be the office building , furniture, computers, even the smallest items such as pencils and pens.
What these people do on a daily basis?
Well , one thing they do is terribly important for all those working there payroll .
All wages and taxes paid and received by each employee each pay period shall be recorded. The payroll department must ensure that federal , state and local applicable taxes are deducted. The payment slip attached to your paycheck records these taxes. They usually include income tax , social security taxes Pous employment taxes that must be paid to federal and state governments .
Other deductions include personal , such as retirement , vacation, sick leave or medical benefits.
This is a critical function. Some companies have their own payroll department , others outsource to specialists.The accounting department receives and records any payments or receipts of customers or clients of the business or service . The accounting department must ensure that the money is collected accurately and deposited in the appropriate accounts. They also manage where the money goes , how it is kept on hand for areas such as payroll, or how much it will pay what the company owes its banks , vendors and other obligations. Some should also be invested .The other side of the business debt is the sphere of debt or outflows. A company writes a lot of checks during the year to pay for purchases , supplies , salaries , taxes, loans and services. The accounting department prepares all these checks and records that were disbursed , how much and for what. Accounting departments also keep track of past for inventory, such as products to be sold to customers or customer orders. They also monitor assets such as owning a business and equipment . It may be the office building , furniture, computers, even the smallest items such as pencils and pens.
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