About The Finance Accounting Team

 

The functions of the Secure Supplies accounting and finance department can get a little confusing.  We are growing quickly, so ensuring the accounting department is stable is pivotal in the growth to our our business.

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What are the Key Roles of our Accounting Department?

While some people may have a differing opinion, the essential roles and duties of our  accounting department  includes the following:

• Money out – making payments and keeping the bills paid

• Out standings -collection of money owed or due.

• Money in – processing incoming payments

• Payroll – make sure everyone gets paid.

• Reporting – preparing financial reports, e.g. P&L, Balance sheets and budgets

• Financial Controls – to avoid errors, fraud and theft

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Accounting Department Responsibilities in Detail

1.  Accounts Payable (money out) – In order to maintain our great relationships with our vendors we make  sure that everyone gets paid on time is a vital role. The role of the accounting department includes keeping an eye on opportunities to save money, for example, determining if there are discounts or incentives available for paying certain vendors more quickly.  At the very least, our AP should be scheduled to assure that the least amount of money has to go out per payment, i.e., no late payment charges!

2. Accounts Receivable and Revenue Tracking (money in) – Another critical duty of the accounting department is to account for and track receivables, including outstanding invoices and any required collection actions. Accounts receivable is responsible for creating and tracking invoices.  The responsibility here includes assuring that customers pay those invoices on time, so a system of friendly reminders is crucial.

3. Payroll – Payroll is a critical function of our accounting department and includes making sure all our employees are paid accurately and timely manner.

4. Reporting and Financial Statements – The primary reason we collect data properly in our accounting software is to prepare financial reports that can be used for our budgeting, our forecasting and our other decision making processes. In addition, these and other reports are needed for communication to our investors, banks and other professionals that play a role in the growth of our business.

5. Financial Controls – Financial controls include reconciliations, dividing the responsibilities and following the GAAP standards of accounting principles, all of which are implemented with our view toward compliance, anti fraud and theft prevention.      The role of our Controller is to ensure procedures are set up properly to manage that process without errors.

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Key Positions in an Accounting Department

Now that you know the roles of our  accounting department, who are the key players.

These are the key positions that you’ll find across our business accounting units.

 

Chief Financial Officer (or CFO)– CFOs are typically the head financial executive of large businesses. They oversee the financial strategy, health of the business, and manage the rest of the financial department. CFO’s are very forward thinking and will help businesses navigate through growth stages and downturns. With their knowledge of company finances, they help senior management understand the financial impact of real-time decisions to ensure the fiscal success of the business.

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Their duties include financial planning, reporting and controls, short and long term business strategy, investments, hedging, mergers and acquisitions, cash management, internal risk management, corporate finance, auditing and accounting.

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Financial Controller – Our Financial Controllers are key players within accounting departments and work alongside our CFO’s, COO’s, and our Financial Directors.                  Their function and responsibilities include financial accounting, preparation, reporting, analysis, budgeting, project management and more. Their key role tends to focus on immediate financial issues and management.

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Treasury Manager – Our treasury manager’s role in the accounting department revolves around the formulation and development of treasure policies. This includes identifying the best investment opportunities, developing great banking relations, optimizing credit facilities, and minimizing finance costs.

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Accounting Manager – Our accounting managers are responsible for a company’s accounting activities that include maintaining and reporting on both the cost and financial sets of accounts but does not handle or negotiate. Each of our  accounting manager's establish and enforce the accounting principles based on statutory requirements and auditing policy of our group..

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Chief Accounting – Our  chief accountant holds the same responsibilities as our accounting manager, but the role simply differs in terms of the job title.

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Accounting Supervisor – Shares the same responsibilities as our accounting manager and provides support as a member of his/her team.

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Accountant – Our Accountants play a key role in our finance departments such as the measurement and interpretation of financial information. The results of their work ensure compliance, and provide the groundwork for greater financial strategies.

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Bookkeepers – Our Bookkeepers provide the day-to-day efforts needed to record and assess our basic accounting data. They typically do not take a strategic role.

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These are just some of the main roles and functions of our  accounting department in

Secure Supplies Group.

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