Principles of business finance

Question 1

What are the 4 types of financial processes?

Answer 1

1.Accounting
2.Payroll
3.Managing Budgets
4.Documenting financial processes

Question 2

Examples of Accounting

Answer 2

-Recording transactions
-Monitoring activity
-Auditing

Question 3

Examples of payroll

Answer 3

-Creating pay statements
-Making salary adjustments
-Process employe expenses
-Calculating NI contributions

Question 4

Examples of managing budgets

Answer 4

-Identifying priorities
-Recording income
-Negotiating resources
-Monitoring income against plan

Question 5

Examples of documenting financial processes

Answer 5

-Balance sheets
-Purchase orders
-Delivery notes
-Invoices
-Receipts

Question 6

What is the impact of following finance processes for the admin role?

Answer 6

Confidence in procedures

Question 7

What is the impact of following finance processes for the organisation?

Answer 7

-Ability to forecast finances
-Allows accurate planning
-Ensures compliance with relevant regulations.