January 10th, 2018
Lufthansa’s Financial Strategy|Contribution of Finance and Accounting Department to the Success of Lufthansa
The finance and accounting department provides many services that are vital to the success of the organization. The accounting section is, for instance, principally responsible for preparation of investor reports and other reports of financial performance required by different stakeholders such as the government. Secondly the department provides the required accounting support to other departments such as preparation and appraisal of various departments operating budgets (Lufthansa 2010). The finance section on the other had is involved in the collection of revenue from the diverse customers and approval and discharge of cash required for individual departments expenditures.
As an accountant in the financial and accounting department, duties range from financial accountancy roles, through cost accounting to auditing roles. Being in the cost accounting, the main duties involve preparation of the company’s budgets and (internal) management reports that aid in managerial decisions This is important to the entity first in relation to budgets which helps evaluate the performance at individual responsibility centers by comparing actual and projected performance; and secondly in relation to managerial reports, providing the management with useful information on which to base decisions. Go to part 8 here.