Account payable is responsible for paying the vendors for goods and services rendered. It allows a company to manage cash disbursements and other related payables information. Account receivable is responsible for generating customer invoices and ensuring customer payments are properly credited. Billing processes bills and prints invoices including discounts, surcharges, and taxes. The accounting department processes the company's general ledger, which is a financial accounting ledger that contains all business transactions as required by law.
General ledger plays a critical role in planning and controlling cost.
The information can be used for comparison purposes. For example, managers can compare sales data for an item and it's cost. Without financial accounting a company would not be able to support its other functions such as paying its employees, business partners, the government in form of taxes. In short, a company's financial health rests in part on its accounting department. The Process Financial accounting manages and controls a company's finances.