This department maintains all the financial transactions. Accounting departments typically handle a variety of important tasks. Such tasks often include invoicing customers, accounts receivable monitoring and collections, account reconciliations, payables processing, consolidation of multiple entities under common ownership, budgeting, periodic financial reporting as well as financial analysis.
Also common are setting up adequate internal controls for all business processes (to prevent theft/misappropriation of assets), handling external audits and dealing with banks in order to obtain financing. Taxes are sometimes handled by accounting departments in house, but this work is often contracted to outside tax accountants.