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




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 .

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 .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.

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

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. By modifying the financial ratios. management can foresee the effects of various scenarios on the financial statements. Thus financial budgets are tools used both for planning as well as control. MIS in finance helps organizations evaluate "what if" scenarios. . MIS thus serves as a decision making tool. helping in choosing appropriate financial goals.

. 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 Reporting  The use of MIS systems in Finance enables companies to generate multiple financial reports accurately and consistently.

The model is used to manipulate the financial variables that affect earnings thus enabling planners to view the implications of their planning decisions. logic and data in the form of a large database. 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.Functions of finance department Financial Modeling  A financial model is a system that incorporates mathematics.

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

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

accounts receivable.Inputs to the Financial Information System  Strategic plan or corporate policies  Contains major financial objectives and often projects financial needs. order processing. accounts payable.  Transaction processing system (TPS)  Important financial information collected from almost every TPS – payroll.  External sources  Annual reports and financial statements of competitors and general news items. inventory control. . general ledger.

Financial MIS Subsystems and Outputs  Financial subsystems  Profit/loss and cost systems  Auditing  Internal auditing  External auditing  Uses and management of funds .

transparent and time-bound manner.  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 .Aims and objectives of Accounts Department  The basic objective of Accounts Department is to keep records of financial transactions in an accurate.  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.

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. 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 reconcile inter-divisional/ departmental monthly/quarterly Accounts and adjustment of differences. Preparation and submission of monthly progress reports of works-in-progress/targets. To test check and internally audit the accounts of sub- . To prepare the annual budget estimates/revised estimates of the division.

inventory register. T&P Register. To tender financial advice to the Divisional Officer. . To pass all the bills of expenditure after proper scrutiny and exercising all the checks. To assist Audit Party during the annual audit by Audit Party of Chief Auditor’s Office and present all books of accounts and other records as and when required by the Audit Party. To maintain and keep updated all the subsidiary books/registers of accounts viz – property register. To check all the transactions of the division vis-à-vis regularity and propriety. Advance Register and ensure       adjustment of outstanding advances. stock register.  To maintain the Misc. Any other work specially assigned by the Divisional Officer or the higher authorities. To maintain the Voucher Registers and all the monthly vouchers properly. Contractor Ledger and other related records/registers.

Finance & Accounting .

Finance & Accounting .

Finance & Accounting .

Finance & Accounting .


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