Finance department functions and workflow

Finance department is the main instrument to control and safeguard the company’s assets. In order to build an effective workflow in the Department, there should be mark out core functions and obligations the Department does in everyday life. So, the three core functions of Finance department are: Financial Administration, Provision of Everyday Financial Services and Financial Reporting. This brief description of each function lets you better understand the department workflow and also gives examples relating to CentriQS software.

1. Financial administration

The financial administration function is maintained to ensure that financial controls, plans, policies and operations of the company are up-to-date and in compliance with legal and corporate guidelines. The Finance Director oversees all the procedures of the Department and provides the ground for all financial transitions. The Financial administration function is aimed to:

• Development and maintenance of internal control policies
• Budget preparation and assignment
• Revenue auditing and forecasting
• Management of contractors

CentriQS allows financial staff to track suppliers and customers of the company on a single "Contractors" view. Each contractor can be tracked by Code, Product, Amount, Revenue and other attributes:

2. Provision of everyday financial services

It is a vital section of the finance department workflow as it provides the company, staff and customers with accurate, consistent and timely financial services for the purpose of keeping the financial operations and transactions up-to-date and closed out in proper way. Day-to-day financial services include the following directions:

• Payroll administration
• Financial control services
• Purchasing assistance
• Accounts receivable and accounts payable

CentriQS allows department staff to keep track of all records on accounts payable (unpaid bills) and accounts receivable (sales made but not paid). Financial managers and accountants can access the Accounts Receivable view and the Account Payable view to track accounts by Amount, Payee, Payer, Date, Tax, and other attributes:

3. Financial Reporting

The Financial reporting section of the department workflow is aimed at generating and providing financial reports to company's departments and outside institutions to ensure legal compliance with state requirements. The Financial reporting section also reconciles the accounts of the company and reports current status of all operations and translations made during reporting period. The company owners and The Board of Directors use analytical reports to ensure that the deals with current contractors of the company are properly calculated and handled.

In CentriQS financial dept staff can use analytics views to build pivot tables for financial data analysis. For example, Amount, Tax and Subtotal per Contractor can be displayed on the Accounting analytics view:

• Finance department staff
• >> Finance department functions and workflow
• Financial Administration
• Provision of everyday financial services
• Financial reporting