Meaning of the word "finance department" in English

What does "finance department" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

finance department

US /ˈfaɪ.næns dɪˈpɑːrt.mənt/
UK /ˈfaɪ.næns dɪˈpɑːt.mənt/

Noun

the division of an organization that manages its money, including budgeting, accounting, and financial reporting

Example:
The company's finance department is responsible for all monetary transactions.
I need to get approval from the finance department before making this purchase.