Purpose Ensure Business Activity Statements (BAS) reports are completed accurately and on time. Background This is a relatively straightforward process and provided you have accurately entered information to your accounting package, should be completed with a minimum of fuss. Scope Accounting Staff Due when…
Purpose To ensure regular Profit and Loss Statements are prepared for management and that processes are in place for a regular review of the Profit and Loss situation of the business. Background The Profit and Loss report generated by your manual record keeping, your computer software, or the accountant you’ve previously hired, is also known as an Income Statement. This is perhaps one of the easier reports to compile, but one…
Purpose Prepare a standard monthly suite of management papers for review by senior management Background This procedure details the minimum reports that should be prepared monthly for management review. Scope Management and Accounting Staff Procedure Prepare the following reports for use by management in monthly management meetings (where appropriate prepare both monthly and year t…
Purpose The annual budget is a reflection of [enter-your-company-name-here]’s annual operational plan and as such should be presented in partnership with the plan showing the relationship between planned-for events and associated costs and revenues. Policy It is the responsibility of the CEO to research and develop [enter-your-company-name-here]’s overall annual operating budget. The annual budget should be soundly prepared reflecting a mix…
Purpose [enter-your-company-name-here] may provide authorised staff with a credit card to facilitate easy and convenient financial transactions. The purpose of this policy is to: ensure that organisational transactions are carried out as efficiently as possible through the use of credit cards and transaction cards as appropriate. guard against any possible abuse of organisational credit cards Policy…
Policy The CEO is responsible for the day-to-day financial management of [enter-your-company-name-here] and shall carry out this duty in a manner that shall promote and further [enter-your-company-name-here]’s financial strength and shall in no way threaten it. Procedure To ensure the affairs are managed on a prudent basis, the CEO shall: Ensure that [enter-your-company-name-here] does…
Policy [enter-your-company-name-here] investment assets are to be invested in such a way as to maximise long-term total returns consistent with prudent levels of risk, while maintaining sufficient liquidity to enable the organisation to meet its day-to-day financial commitments. Procedure The Board considers that the investment of the assets should aim at the following: all available funds to be invested securely to achieve the…
Purpose Regular monitoring and consolidation of reporting on credit levels with suppliers and on overdrafts etc occurs Background This is an area that requires close and careful monitoring as proper management of credit will facility smooth cashflow whereas nasty surprises in this area can and often do cripple a business. Scope Management and Accounting Staff Procedure Prepare mont…