Operations and finance are two closely-related activities, thus falling – sometimes – under the same department.
The Finance Department communicates all necessary information to ensure the conduct of operations. This – of course – includes books of accounts keeping, as well as tracking of sales, expenses and – more broadly – the company’s income; and would allow the Finance Department to inform the Board of Directors of the company’s general status and to recommend specific actions to be taken according to conclusions.
Whereas, the Operations Department ensures the proper execution of daily tasks. However, the scope of work covered may vary depending on the industry and size of company. All in all, the Operations Department manages the internal policies and procedures, thus affecting certain financial choices in terms of budget allocation and resource management. Given the fact that it is connected to the company’s day-to-day business, the Operations Department easily assesses the overall performance and – if necessary – could make adjustments-related recommendations.
To use ERP or Excel is, therefore, to meet part of the relevant prerequisites.
It is, however, deemed of great importance for other resources to master the use of some concepts and tools in order to ensure better interaction with these two departments precisely.