Finance & Accounting Department

Prepared By: Darshan (CP 0410) Mrunal (CP0810) Hanika (CP0910) Dhaivat (CP 1210) Mitul (CP 1610) Shreya (CP 2010) Soham (CP2110)

Managing Director

Executive Director (Operation)

Executive Director (Business Development)

Financ e

Accoun t

Admin.

HR

Purchase

Sales & Marketing

General Managers (Regional)

Plant & Machiner y

Project Manager

Site Engineers

Store In charge

Planning Engineer

Mechanical & Electrical Engineers

General Manager

Deputy general manager

Assistant general manager

Manager

Executive1

Executive-2

Executive-3

Functions of finance department

ODA : Official Development Aid

Finance dept
To provide strategic financial support regarding

operational and general business planning To provide daily financial services functions To meet and surpass the internal and external needs and financial reporting requirements of the company at large The finance department generally focuses on providing relevant information necessary for upper level management. Such information is crucial in determining how a company can make better financial decisions. A finance department will work cohesively with the company to build a corporate environment that will be able to use the financial resources of the company in order to ensure that the desired level of customer

Functions of finance department

Cash Management Cash flow management is an important use of MIS in Finance. Cash Management refers to the control, monitoring and forecasting of cash for financing needs. Use of MIS in Finance helps companies track the flow of cash through accounts receivable and accounts payable accurately. Accurate records also help in monitoring cost of goods sold. This can help pin point areas that eat up cash flow such as inventory costs, high raw material costs or unreliable sales.

Functions of finance department

Budget Planning Financial budget planning uses proforma or projected financial statements that serve as as formal documents of management's expectations regarding sales, expenses and other financial transactions. Thus financial budgets are tools used both for planning as well as control. MIS in finance helps organizations evaluate "what if" scenarios. By modifying the financial ratios, management can foresee the effects of various scenarios on the financial statements. MIS thus serves as a decision making tool, helping in choosing appropriate financial goals.

Functions of finance department

Financial Reporting The use of MIS systems in Finance enables companies to generate multiple financial reports accurately and consistently. Generation of financial statements both for internal reports as well as for shareholder information takes less effort because of the automatic updating of the General Ledger. Compliance with Government regulations as well as auditing requirements is also easier because the records are accurate and provide a permanent historical map of transactions that can be verified.

Functions of finance department

Financial Modeling A financial model is a system that incorporates mathematics, logic and data in the form of a large database. The model is used to manipulate the financial variables that affect earnings thus enabling planners to view the implications of their planning decisions. MIS in Finance enables organizations to store a large amount of data. This helps managers develop accurate models of the external environment and thus incorporate realistic "what if" scenarios into their long-range planning goals.

Duties and responsibilities

Finance Director The finance director is the head of the finance department. This individual will have the supreme responsibility to ensure that all financial reports are accurate and up to date. The finance director is tasked with giving a financial forecast for the company and disclosing certain financial information about the company to the shareholders. Deputy Finance Director The deputy finance director is usually responsible for putting together the companys annual budget. In this position, the deputy finance director will be responsible for developing an overall financial strategy. Sometimes referred to as the finance manager, the deputy finance

Accountant The next position of importance in the department of finance is the accountant. The accountant is responsible for handling the accounts payable and accounts receivable. Accountants also process payroll. Other duties include putting together financial-related documents such as reports, auditing, and closing out accounting books. Finance Specialist The finance specialist basically handles capital investments. This position may also require a bit of analytical work such as as reconciliations, maintaining the general ledger and keeping a close eye on the funds of the company.

Inputs to the Financial Information System

Strategic plan or corporate policies
Contains major financial objectives and often

projects financial needs.

Transaction processing system (TPS)
Important financial information collected from

almost every TPS payroll, inventory control, order processing, accounts payable, accounts receivable, general ledger. External sources Annual reports and financial statements of competitors and general news items.

Financial MIS Subsystems and Outputs

Financial subsystems
Profit/loss and cost systems Auditing Internal auditing External auditing Uses and management of funds

Aims and objectives of Accounts Department

The basic objective of Accounts Department is to

keep records of financial transactions in an accurate, transparent and time-bound manner. Accounts Department is also responsible for preparing accounts on monthly basis and yearly basis. The mission of preparation of monthly accounts is to enable one to know the financial position on a particular date. The Accounts Department is also responsible to provide qualified Accountants in various departments and impart them practical training from time to time as well as to conduct refresher courses so that they

Duties to be performed
To record/get recorded initial entries of all financial

transactions in the initial books of record and to ensure their proper maintenance. Preparation and submission of monthly Accounts. Preparation and submission of monthly progress reports of works-in-progress/targets. To reconcile inter-divisional/ departmental monthly/quarterly Accounts and adjustment of differences. To prepare and submit the annual accounts of the Division. To control the budgets and maintain the Accounts books of records for budgetary control. To prepare the annual budget estimates/revised estimates of the division. To test check and internally audit the accounts of sub-

 To tender financial advice to the Divisional Officer.

To maintain the Misc. Advance Register and ensure

adjustment of outstanding advances. To assist Audit Party during the annual audit by Audit Party of Chief Auditors Office and present all books of accounts and other records as and when required by the Audit Party. To maintain the Voucher Registers and all the monthly vouchers properly. To maintain and keep updated all the subsidiary books/registers of accounts viz property register, stock register, inventory register, T&P Register, Contractor Ledger and other related records/registers. To pass all the bills of expenditure after proper scrutiny and exercising all the checks. To check all the transactions of the division vis--vis regularity and propriety. Any other work specially assigned by the Divisional Officer or the higher authorities.

Finance & Accounting

Finance & Accounting

Finance & Accounting

Finance & Accounting

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