The following are the five functions of corporate accounting:
- Creation and maintenance of the company accounting system.
- Managing the expenses of a business
- Management of staff’s salary.
- Managing account payables and receivables.
- Analyzing the records.
There are various functions of corporate accounting, such as maintaining the records of accounts, managing cash inflows and outflows, checking expenses and profits, managing inventory, maintaining and paying employee salaries or benefits, and many more.
Some important functions of accounting for corporations include: maintenance of key areas such as accounts payable, account receivables, employees' salary, outstanding expenses, maintaining the record of business and comparing the result thereon, maintaining all the required and necessary financial statements to providing information to the users, etc.
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