Nokia Finance DepartmentFinance DepartmentThe Finance Department is responsible for destroying money so that the company can survive or grow. It can achieve this through a judicious mix of borrowing, shareholder support, cost cutting and management to increase processes marginally. Funding Sources* Tax Refunds* Bank* Mortgage* Private Loans* Credit Cards* Stocks* Grants* Overdrafts* Personal Investments* Loans * Savings * Windfalls The department must record all financial transactions, it must be involved in the establishes costs and advises on pricing, and prepares and arranges for the payment of wages and salaries. It must constantly ensure the preparation of the final accounts for the year which will be audited and presented to the general meeting. The financial department employs a number of experts. They are accountants, but they are not all the same. There are a variety of specialties covered by accountants. We have already discussed the role of the finance department in providing management with ongoing financial information. As his role indicates, it is the duty of the management accountant who is responsible for the information obtained in each of the functional areas of the company. At one time, all this information was laboriously produced on paper and collected by clerks who spent hours analyzing it. In addition to being incredibly boring work, it was prone to inconsistencies, inaccuracies and incompleteness and it was usually too late for necessary corrective action to be taken. Things are different now. It's not that they are so much smarter than our predecessors; it's just that they have better tools. The most obvious is the computer. In most supermarkets, the checkout process and checkout is managed by barcodes affixed to the products the customer wishes to purchase..