PROPOSAL

cost cash
market risk interest accruals
purchase price income value
accuracy

bonds
equity
cash

credit
prepaid petty cash stocks
April 30, 2019 inventory turn-over interest
sole proprietorship petty cash
dividends partnership
dividends reconciliation prepayment
invoice
interest credit analysis treasury
corporation petty cash collection
money balance sheet account

capital
liabilities internal controls

payment
leasing
transfer
deposit
investment receipt equity

credit
percent profit taxe
rate
expense sales
cash
payroll
prepaid
receipt book assets currency
ACCOUNTING
depreciation
s

income
accruals
petty cash
net income long-term bond
bookkeeping common shares

debit
trial balance
forecast
partnership
cash budget doubtful interest payables
receipt receivable accuracy

cash flow
statements
market risk purchase price
liabilities fixed assets depreciation
prepaid inventory
reconciliation

discount
rate
business bonds
stocks
check

dividends preferred shares

cost

value present value accruals

value

income statements cash flow statement

AGENDA
• Accounting vs Finance
• Proposed Finance & Accounting Department Organizational
structure
• Roles and Responsibilities / Skill sets
• Next steps
 ACCOUNTING VS FINANCE
ACCOUNTING
 focuses on the day-to-day flow of
money in and out of a company
or institution,
 accurate reporting of what has
already happened and
compliance with laws and
standards
 Balance sheet, Income statement
and Cash flow statement
FINANCE
 management of assets and
liabilities and the planning of
future growth
 forecast the future
performance of the business
(financial planning, budgeting
and analysis)
 Ratio analysis, break-even, and
return on investments
SAMPLE ACCOUNTING DEPARTMENT ORGANIZATIONAL CHART
PROPOSED FINANCE & ACCOUNTING DEPARTMENT ORGANIZATIONAL STRUCTURE
ROLES & RESPONSIBILITIES /
SKILL SETS
FINANCE & ACCOUNTING MANAGER
BILLING & COLLECTIONS
ACCOUNTS PAYABLE
INVENTORY
Key skills
 Communication skills
 Analysis skills
 Familiarity with Inventory/Warehouse Management
 Supply Chain Management background
 ERP Inventory Module
 Scrapping Policy

Key tasks Tools

Inventory  Inventory Turnover

 Coordinates physical count inventory and cycle counts  Inventory Accuracy
 Investigate cycle counting variances and resolves issue  Slow moving inventory level
 Internal control policy
 Perform inventory reconciliation and valuation  ERP Inventory Module
 Review standard costs and actual costs for inaccuracies  Scrapping Policy
 Validate cost of goods sold as part of the month-end close
 Works with responsible teams (Warehouse/Facilities) to locate and dispose obsolete inventory

Additional tasks maybe required

 Report on breakeven points by products and/or business units
 Report on margins by product and/or business unit
TAX
Key skills
 Communication skills
 Excellent analysis skills
 Strong background on Philippine taxations

Key tasks Tools

 • Complete
• Complete required
required tax reporting
tax reporting in a in a timely
timely manner
manner  Taxation laws
 • Devise
• Devise tax strategies
tax strategies to defer
to defer or eliminate
or eliminate taxtax payments
payments  Internal control policy
 • Prepare
• Prepare and update
and update tax provision
tax provision schedules
schedules  Taxation guidelines (Revenue regulations/memorandum)
 • Update
• Update the company
the company sales tax database
tax database as tax ratesas tax rates change
change  Tax database/system
• Represent
• Coordinate audits bybefore
the company varioustaxation
taxationauthorities
authorities  Tax schedules
 • Research
• Research and correct
and correct process
process errors
errors thatthat caused
caused incorrect
incorrect taxfilings
tax filings
 • Negotiate
• Negotiate with with tax authorities
tax authorities overover tax payment
tax payment issues
issues
 • Advise
• Advise management
management regarding
regarding the the
tax tax impact
impact of corporate
of corporate strategies
strategies
• Advise
• Advise management
management on theon impact
the impact of new
of new lawslaws
on on
taxtax liabilities
liabilities
• Coordinate
• Coordinate outsourced
outsourced tax preparation
tax preparation work work
• Identify tax savings in prospective acquisition scenarios
FIXED ASSETS
INTER-COMPANY
Key skills Tools
 Communication skills  Internal control policy
 Highly analytical  Inter-company account schedules
 Good knowledge of the business/organization  Inter-company invoices
 Inter-company accounting experience  AR & AP Aging report

Key tasks
 Running day-to-day inter-company operations based on Agreements between each business units
 Prepare account reconciliations and provide intercompany detailed transactions to Supervisor for review.
 Prepare, maintain and archive documentation to satisfy audit and statutory requirements.
 Provides support and responds to requests and accounting-related inquiries for intercompany processes
 Prepares monthly reconciliation and confirmation of Intercompany AR and AP balances.
 Responsible for the monitoring of Aging Intercompany Payables and Receivables and handling issues related thereto
 Initiating and documenting process improvements in the Intercompany role in order to improve efficiency
 Handling Intercompany queries and resolving issues within stipulated time frame
FINANCE ANALYST
Key tasks
 Primary responsible for Financial analysis/reporting , financial planning and
budgeting
 Primarily responsible for creating financial models that can predict the
outcome of certain business decisions

Key skills
 Interpersonal skills
 Ability to communicate
 Financial reporting
 Analytical ability
 Management experience
ACCOUNTING AD-HOC ROLES
• Staff expense reimbursement Focal
• Petty Cash Custodian
• Scrapping (Asset disposal) Focal
NEXT STEPS
Identify the people who will fill in
the position based on
qualifications, professional work
experiences, competencies and
number of staff needed based on
workload
Review of process steps for each
accounting tasks such as AP, AR,
PO, Inventory, Fixed Assets in order
to identify improvements, eliminate
unnecessary steps and to
implement internal controls.
Creation of internal control policies
and procedures
Develop KPI (Key Performance
Indicators) metrics
-END OF PRESENTATION-