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Understanding the Finance Department

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by

Nathan Gupta

on 3 November 2013

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Transcript of Understanding the Finance Department

Notes
Reporting and Record Keeping
Budgets
Understanding the Finance Department
Job Statement
Monitor the fiscal affairs of a company by maintaining detailed records and assisting managers with the making of various pecuniary decisions
Duties
Maintain sales records of all transactions
Create profit and loss statements
Control expenditure
Create financial budgets
Manage investment
Receipt and deposit revenue
Manage financial assets
Provide financial advice to managers
Skill Requirements
Math skills
Communication and Interpersonal skills
Analytical and Logical skills
Initiative
Ambition
Technology skills
Challenges
Financial status of a company can easily fluctuate - must keep up with all the changes

Must be flexible when planning the budget - sales could be less than expected, better than expected, or approximately as expected

Productivity - companies must constantly come up with new ways to effectively compete in the market

Communication - must collaborate with other departments in order to meet shared goals of the company
Class Activity
Are You Smarter Than a Financial Analyst?

What Have You Learned Today?
Basic purpose of the finance department
Duties/Responsibilities
Skills necessary for success
Different types of records
Different types of budgets
Challenges
Decisions
Keshav Sota
Small Businesses:
Standardized forms
QuickBooks
Large Businesses
Accounting programs
Outsourcing firm
Decision Making
Accounting for Cash
bookkeeper/owner accounts for cash
MAKE SURE CHECKBOOK BALANCE AGREES WITH THE BANK'S MONTHLY STATEMENT
Receipt and Payment Records
Selling on credit
Accounts receivable record
Accounts payable record
Depreciation Records
Depreciation, fixed assets, and obsolescence
Asset - anything of value owned
Special Asset Records
Detailed records for all fixed assets
Tax Records
Required by Federal Income Tax Law (W-4 form)
Social security taxes for old-age & unemployment benefits
Payroll Records
Hours worked, regular wages, overtimes wages and deductions from wages
USING & KEEPING RECORDS:
Accurate and up-to-date
Protect from hazards (fire and theft) by using safe deposit boxes and firewalls & passwords
When should the store reorder merchandise?
Does this purchase comply with the budget?
Does the budget need to be adjusted due to unexpected sales?
Sales Budget
Forecast of expected sales revenue
Merchandising Budget
Forecast of amount of merchandise
company expects to sell
Advertising Budget
Forecast of amount of money a firm should spend for advertising
Capital Budget
Financial plan for replacing fixed assets or acquiring new ones
Cash Budget
Estimate of the flow of cash into and out of the business
Income Statement Budget
Shows projected sales, costs, expenses, and profits
Budget - financial plan extending usually for one year

Full transcript