Accounts Department:
(i) Safe keeping of cash: All payments received from customers for sales of goods and services and cash received is kept in the bank until when needed.
(ii) Preparation of sales invoice: For record purposes, goods and services provided is required to issue sales invoice for articulate functioning.
(iii) Keeping of various books of accounts: For future reference, all transactions
made are recorded in the appropriate books of accounts. It serves as a follow up for future transactions.
(iv) Control of Company: To facilitate judicious spending. It is necessary to see that expenses incurred are within limited fund.
(v) Allocates money for purchase of office equipment, furniture, stationery etc. as at when due for each section of the entire organization.
(vi) Preparation of profit and loss account and balance sheet of the company. This is needed for appraisal during Annual General Meeting involving management and share holders.
(vii) Collection of revenue: Collects proceeds for cash and credit sales.
(viii) Settlement of bills from suppliers. Goods purchases by the company will be paid by accounts department.
(ix) Collection of revenue on behalf of the government staff PAYE and VAT and remit same to the appropriate inland revenue department.
(x) Payment of staff salaries and wages. It is one of the schedule of accounts department to prepare wages and salaries and pay members of staff promptly or as scheduled.
B. Sales Department
(a) Marketing of goods and services provided. The department is responsible for creating awareness for the goods and services offered for sale.
(b) Packaging of goods: Goods are packed into appropriate sizes for easy identification and prompt offer to prospective and existing customers.
(c) Price tagging: Goods are labeled with the prices for customers awareness.
(d) Directing customers to “point of sale unit where goods contracted are paid for”.
(e) Delivery of goods: With the support of sales department in alliance with transport unit goods are conveyed or dispatched after sales to business centre(s) of customers.
(f) Visiting customers: Regular visits are paid to existing customers so as to gain new business request whenever possible.
C. Purchasing Department: This is responsible for:
(a) Purchasing raw materials and machines used for manufacturing of products.
(b) Making arrangement for the purchase of office equipment, furniture, office consumables, refreshment, etc.
(c) Checks and approves payments of invoices for goods supplied.
(d) Keeping suppliers lists/addresses.
(e) Placing orders: Placing orders and requisition received from other departments.
(f) Checking and certifying purchases and ensuring that goods are inspected and
delivered on time.
(g) Keeping records of matters relating to purchases.
D. Audit Department
(a) Scrutinize payment vouchers for wages and salaries.
(b) Conducts internal auditing: Assisting external auditors during the auditing of company’s books of account.
(c) Issue queries to those that err or miss-appropriate cash materials of the company.
E. Marketing Department
(a) Conduct market survey so as to create targeted market for a particular product.
(b) Conducts initial product samples to prospective customers’ awareness through demonstration.
(c) It assists in fixing prices for goods and services offered for sale by the company.
(d) Reports product complaints to management to conform with customers request.
(e) Market segmentation: The unit is responsible for the division of a market into identifiable sub-markets for the purpose of reaching targeted customers etc.
(f) It conducts sales promotion.
