Key result area of finance departments - credit terms.. CiteOps

rajeshchopra01 Started The Discussion:

What are the main key result area’s and job responsibilities of accounts & finance department in a manufacturing industry. rajesh

savita jha -  Member Since: Jun 2008
Dear Rajesh

The main job responsibility of Account and Finance dept are as follows: -
Establishes systems controls for and procedures for financial and accounting systems to achieve corporate objectives.
Directs installation and maintenance of accounting, timekeeping,payroll,inventory,property and related procedures and controls
Designs, manages and monitors reporting systems to all departments and to aid management decision in achievement of stated objectives regarding revenue, profitability, and market share.
Prepares statements and reports of estimated future costs and revenue.
Directs the maintenance of ledgers, journals, accounts receivable, revenue depreciation, cost, property, operating expenses, insurance etc.
Oversee bank work regarding documents, inward/outward remittances etc.
Directs and participates in cost analysis and rate studies. This includes scrutiny of inventory of investory costs, charges from banks/agencies/service providers, cash vouchers, supplier bills, utility bills (Phone/electrical/mcd etc.) etc.
Negotiates contract/service/loan/credit terms with outside financial agencies such as banks, financial/trade institutions, ECGC, insurance companies etc.
Directs internal audits involving review of accounting and administrative controls. Coordinates preparation for external audits and external financial reporting.
Direct the preparation and filing of returns for sales tax, Income tax, Excise and other forms of taxes and charges. Also directs and monitors issuance of forms to suppliers/employees such as H-form, st-49, C-form, Form-16 etc.
Review any contracts before they are signed


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