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WebThe accounting department is responsible for paying taxes on behalf of the business. Taxes are assessed by accounting professionals in the accounting department, who help ensure that the company is in accordance with the current tax laws and regulations. Federal tax payments are also tracked and made by it. WebJul 28, 2024 · Traditional accounting team members are usually responsible for day-to-day transactions and the recording and reconciling of those transactions. Traditional finance team members focus more on long-term strategy. Accounting typically concerns itself with compliance and the past, while finance concerns itself with strategy and the future. WebOct 25, 2024 · The general accounting process is a core transactional process within the finance function, involving maintaining the chart of accounts; processing journal entries, allocations, and adjustments; conducting reconciliations, consolidations, and eliminations; and finally, preparing trial balances and closing the books at the period end. greenock aviation museum