Standard Operating Procedures for Accounts and Finance ‘aran Muteje sarieke (Fallow [Open Inmesive Reser Standard Operating Procedures (SOPs) are clearly defined and documented set of instructions for any specific tasks and processes, They help to govern and standardize the operational roadmap of an organization, SOPs are normally laid down forall the business departments in an organization, ie, Accounts & Finance, HRO/ HRMProduction, Purchase/ Inventory, Planning, Legal, Marketing £& Branding, Sales, Corporate Communication, etc Importance of SOPs for Accounts & Finance Department Accounts and Finance are the nerve center of any dtganization through which business performance can be ‘measured internally and externally. These departments ‘manage cash inflows and outflows associated with routine tasks like supplier and rental payments, staff salaries, ‘monthly interest payments to financial institutions, etc Importantly, SOPs in accounting and finance are necessary directives to ensure day-to-day transactional governance, implementation of statutory compliance measures, consistency in customer experience (CX), and a reduction ir employee training time, This leads to profitability, growth and increased goodwill for the company Financial management refers to the strategic planning, organizing, directing, and controling of financial Lndertakings in an organization or an institute. I also includes applying management principles to the financial assets of an organization, while also playing an important part in fiscal management. Take a look at the objectives. involved Maintaining enough supply of funds forthe organization, Ensuring shareholders of the organization to get good returns on their investment;‘Optimum and efficient utilization of funds, Creating real and safe investment opportunities to investi, Here are the essential SOPs for Accounts & Finance, all of which can be automated through custom-built software solutions. We will explore the typical responsibilities of finance department in the rest of this article Receipt of Bills Entry of ll in the Books of Accounts Issue of Cheques Dispatch of Cheques Cash Fayments Fixed Asset Register Direct Taxes Ingirect Tes Employee Insurance Delegation of Authority Matix Bank Fayment Tours & Travel Statements Compliance of Aut Queries (Cash payments and Journal VouchersResponsibilities of Finance Manager Responsibilities of Accounts Officer Responsibilities of Accountant / Cashier Insurance Requirements \atious Governing Acts Intellectual Property Rights Cost Reduction Initiatives ‘Asset Management ‘Accounting Metrics Collection Policies Inventory Management ‘Annual Budgeting Tracking Credit Card Auto-Fayments Accounts Receivable ‘Accounts Fayable Financial Statements finalization Internal Reporting Cash-flow ManagementWhy Smart Start to define SOPs. ‘Smart Start plays a key role in optimizing business processes, eliminating manual steps by automating process workflows, and implementing an overall process improvement mechanism. To ths effect, Smart Star, 2 division of Ferspective Tax Consultant, specializes in business process management, process consulting anc process outsourcing services. We facilitate an organizations transformation journey, making them process-oriented anc organized, and helping them achieve operational iciencies with a core business focus Specifically, we define Digital SOP ~ a Virtual Business Trainer which ensures Process Automation, an increase in team productivity, and a reduction in error rates. Digital SOPs are Standard Operational Procedures which can be sffectively integrated into IT systems and automated BPM tools and which are audio-visualized in a digital format. These SOPs have been increasingly adopted by a majority of I, Retail & Manufacturing organizations in recent times. The following are the advantages of our Virtual Business Tainer Reduction / Elimination of Manual Tainers Enhanced Information Preservation & aids Digital Tansformation Ease of Access to SOPsReady Referencer Easy to retain and understand as these are in Audio: visual format Therefore, digital SOPs are essential for driving an organization's upward growth trajectory. Helping to optimize operational workflows, these process guidelines don't follow a ‘one size fits all approach and have to be tailored according to the needs of every organization, continually evolving and adapting to prevailing market conditions Tohelp you create digital SOPs and boost your finance & accounts department's overall performance, get in touch with our experts today and stay ahead of the curve To know more, write us at info@perspectiveconsultant.corr repo tis Published by Sanda Opeaing ocd (0 fo ecu nd race Jama Toa Shaped Mant CA Poh Agha Ayu Gupta Anaye Gupta op taco nace a tpl tpapecntconuhat mart ike Deomment shaveReactions - mMOALARLO a 2 comma veo Bom ea met forthe sae ough inked vough las apt £91.98773912 kaon goylbapecin, Mecan ASCO our ‘eure ie | A suman 2nd a “eet oppo for busiest omar to undead he digit ystems in aver cos fecive mare Karan Mutnaa Managing art upc Conant Bsnes Setp| Aco Aut iso CampaneMore from Karan Mutneja TEN RULES CHANGING Va 0 828 supp old FROM OcToReR', 220 2 Damondrin UAE tout sec ‘We Slo Saas Community isnt Cee ant Sion eh sh Pray + chi seg 9 soe arse an pny sect @ seonenditon anaes,