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Finance Dept

Finance Dept

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Published by Senthil Murugan

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Published by: Senthil Murugan on Feb 24, 2012
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02/24/2012

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Finance department is the main instrument to control and safeguard the company⼌s assets.

In order to build an effective workflow in the Department, there should be mark out core functions and obligations the Department does in everyday life. So, the three core functions of Finance department are: Financial administration, Provision of everyday financial services and Financial reporting. The brief description of each function lets get imagination about the department obligations and also explains how to manage the departmental workflow by using VIP Task Manager software. 1. Financial administration The financial administration function is maintained to ensure that financial controls, plans, policies and operations of the company are up-to-date and in compliance with legal and corporate guidelines. The Finance Director oversees all the procedures of the Department and provides the ground for all financial transitions. The Financial administration function is aimed to: Development and maintenance of internal control policies Budget preparation and assignment Revenue auditing and forecasting Management of enterprise funds

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2. Provision of everyday financial services This is vital section of Finance department workflow as it provides the company, its departments, staff and customers with accurate, consistent and timely financial services with purpose to keep the financial operations, accounts receivable/payable and transactions updated and closed out in proper way. Day-to-day financial services include the following directions: Payroll administration Accounting services Purchasing assistance Accounts receivable and accounts payable

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3. Financial reporting The Financial reporting section of the department workflow company's departments and outside institutions to ensure reporting section also reconciles the accounts of the company made during reporting period. The company owners and The revenue of the company is properly receipted. is aimed at generating and providing financial reports to legal compliance with state requirements. The Financial and reports current status of all operations and translations Board of Directors use financial reports to ensure that the

The way to use VIP Task Manager to arrange the departmental workflow is grounded on idea of task management. This software offers an effective solution for managing tasks and activities of the employees and allows bringing the workflow into well regulated and coordinated system. Although VIP Task Manager is not designed as specialized finance management software, this application is an opportunity to organize smooth workflow by using task management principles. The built-in workflow editor allows customizing task statuses and creating several different workflow sorts which best match to the department needs. For example, for the function µProvision of everyday financial services¶ the workflow editor allows to create such workflow sorts as µPayroll administration¶, µAccounting services¶, and other. The µPayroll administration¶ workflow may have the following task statuses: µDraft¶, µCreated¶, µPut on Hold¶, and µPaid¶. The finance manager can customize the workflow and task statuses on his own. VIP Task Manager makes the process of task assignment, tracking and reporting easy.

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