Production Department – Produces the goods/services for the customers need Financial Accounts – this has all the information and records of financial events and transactions made by BT. They have a record so that they can see where their money is coming in and going out of the business also to prevent fraud. They also use the financial accounts to see where they went wrong and how they can improve it by improving certain products and services. Annual accounts are made so that BT's shareholders can see where the money came from and where it meant and also to see how much tax is involved etc.
Management Accounts- These consists of budgets for sales and the costs for the department. These are then measured against active sales and costs figures. This is used to control the business and make sure that the business is on track or to make improvement decisions. Cashiers Functions- The cashiers handle all the cash, cheques and credit/debit card payments, they check that the money is not being stolen so the cash, cheques and credit/debit cards get counted, calculated and recorded before it is sent to the bank.
Wages Function – the person who is in control with the system, which prints out the pay-slips, makes sure that they are correct and don't have print errors on them with a few more zeros added onto the end. This is also known as the pay roll function.
How finance department helps BT to increase their revenuse from sales. They can calculate their profits by using a simple formula which is: profit = income – costs. BT can calculate their income from sales; this would help them by showing which products are selling well and which products are performing badly. As they have this system now they can change their department's attitide by increasing workload and reducing costs in order to increase their profits. But increasing the workload can reduce the moral of the workers and this might affect the quality and turnout of the product of being low.
When BT knows their costs, they can reduce them if they know that the department is spending more than it should do. For instance the advertising budget could be reduced if their income hasn't gone up. Every year each department gets a budget, they have to use the budget carefully and efficeintly not to finish it during the first six months. They have to try and minimise their costs.
The finance department records and tracks down on their BT's spendings. They can show it to other departments and they can gain advice from them like if they are buying twice as much needed as only half of the products are being sold they should cut down next time so that they don't lose any revenue from sales. The finance department also advises other departments on where it should reduce its spending and where to increase them if a particular part is not increasing.