BESY - Finance Flashcards
Business funtions
Operations/Productions - Service customers/deliver product
Marketing and sales - Bring business into company
Human recourses - Department looking after the people in the business.
Information technology - Who decides about system and what type of system used in company.
Distribution and logistics - Product to customer
Finance function - Responsibilities
Finance Statements
VAT returns P11D (Return for TAX)
Recording transactions
Banking
Maintaining accounts
Producing information
Production of management accounts
Producing summaries and reconciliation
Finance function - Outsourced
VAT Returns
Management accounts
Annual Tax return
Internal audit
Investigation work
Payroll
Finance team contribute to business
Effective communication - Clear, Accurate, Timely and Concise.
Efficient working practices - Without delay, understanding of the internal business (Other department procedures), relatively organised.
Ways to manage or improve solvency
Regular reconciliation of bank balances to highlight bank charges & interest. How the money is moving through the bank.
Awareness of bank balance to identify if you’re going to go overdrawn.
Awareness of how much is owed to the organisation by RLCA.
Awareness of how much is owed by the organisation by PLCA.
Awareness and use of forward planning to identify where to increase borrowing.
Awareness and use of forward planning to identify how to use PPD.
Legal requirements
VAT return and submission dates
Corporation tax requirements for LTD
Health and safety requirements - Safety signs, Training and risk assessments.
Data protection requirements - Confidentiality.
Accounting requirements - P&L, Balance sheet
Internal policies and procedures
Overtime payments - Authorised and accounted for.
Purchase ledger payment procedure - Ensure authorisation are given.
Cost of record keeping needs to be justified - Cost vs benefit.
Expenses policy - What can be bought, when it’s going to be paid. When and how it’s going to be paid.
Authorised signatories - only valid expenses occur.
Contribute to success of the business
Solvency
Legal requirements
CSR reporting
