Recheck accounts receivables and payables balances
6
Calculate profitability ratios
7
Approval: Senior Accountant
8
Prepare financial reports and other disclosure requirements
9
Review and adjust comparative financial information
10
Prepare and submit tax return forms
11
Attain audit documents and other verifications
12
Ensure compliance with financial regulations
13
Update financial record system
14
Review inter-company accounts and transactions
15
Approval: Chief Financial Officer
16
Submit financial reports to stakeholders
17
Prepare next period's budget plans
18
Implement new financial strategies if needed
19
Audit own financial management process
20
Prepare for the upcoming audit
Review financial statements and account activity
Review the financial statements and account activity to ensure accuracy and completeness. Identify any discrepancies or errors and take appropriate actions to address them. This task is crucial as it provides a clear understanding of the organization's financial position and performance. The desired result is to have accurate and reliable financial information that can be used for decision-making. It requires knowledge of financial reporting standards and analytical skills. Challenges may include identifying complex transactions or unusual account activities. Resources needed include financial statements, general ledger, and accounting software.
1
Yes
2
No
3
Not Applicable
Calculate period-end adjustments
Calculate period-end adjustments to ensure that the financial statements reflect the correct financial position and performance. Period-end adjustments include accruals, prepayments, provisions, and depreciation. This task is essential to ensure the accuracy of financial reporting. The desired result is to have financial statements that are in compliance with applicable accounting standards. It requires knowledge of accounting principles and attention to detail. Challenges may include determining the appropriate adjustment amounts. Resources needed include general ledger and accounting software.
1
Accruals
2
Prepayments
3
Provisions
4
Depreciation
1
Yes
2
No
3
Not Applicable
Post final journal entries
Post final journal entries to the general ledger to record all financial transactions for the period. This task is important to ensure that all transactions are properly recorded and classified. The desired result is to have an accurate and up-to-date general ledger. It requires knowledge of accounting principles and proficiency in accounting software. Challenges may include reconciling discrepancies between subsidiary ledgers and the general ledger. Resources needed include transaction records, general ledger, and accounting software.
1
Yes
2
No
3
Not Applicable
Estimate impairment losses if applicable
Estimate impairment losses for assets (if applicable) to ensure that the carrying value of assets is not overstated. This task is important to reflect the true value of assets in the financial statements. The desired result is to have accurate and reliable financial information. It requires knowledge of accounting standards and expertise in valuation techniques. Challenges may include determining the appropriate impairment indicators and estimating the impairment losses. Resources needed include asset records, valuation models, and accounting software.
1
Yes
2
No
3
Not Applicable
Recheck accounts receivables and payables balances
Recheck accounts receivables and payables balances to ensure accuracy and completeness. This task is important to maintain the financial stability of the organization. The desired result is to have accurate and up-to-date records of accounts receivables and payables. It requires knowledge of accounting principles and attention to detail. Challenges may include identifying uncollectible receivables or outstanding payables. Resources needed include accounts receivable and payable records, aging reports, and accounting software.
1
Yes
2
No
3
Not Applicable
Calculate profitability ratios
Calculate profitability ratios to assess the financial performance of the organization. Profitability ratios measure the ability of the organization to generate profit from its operations. This task is important for evaluating the financial health of the organization. The desired result is to have meaningful insights into the organization's profitability. It requires knowledge of financial analysis techniques and proficiency in financial software. Challenges may include interpreting the ratios and identifying the factors affecting profitability. Resources needed include financial statements and financial analysis tools.
1
Gross Profit Margin
2
Net Profit Margin
3
Return on Assets
4
Return on Equity
5
Earnings per Share
Approval: Senior Accountant
Will be submitted for approval:
Review financial statements and account activity
Will be submitted
Calculate period-end adjustments
Will be submitted
Post final journal entries
Will be submitted
Estimate impairment losses if applicable
Will be submitted
Recheck accounts receivables and payables balances
Will be submitted
Calculate profitability ratios
Will be submitted
Prepare financial reports and other disclosure requirements
Prepare financial reports and other disclosure requirements to communicate the financial performance and position of the organization to stakeholders. This task is important for transparency and accountability. The desired result is to have accurate and comprehensive financial reports. It requires knowledge of financial reporting standards and proficiency in financial reporting software. Challenges may include presenting complex financial information in a clear and understandable manner. Resources needed include financial statements, supporting documents, and financial reporting software.
1
Notes to Financial Statements
2
Management Discussion and Analysis
3
Segment Reporting
1
Yes
2
No
3
Not Applicable
Review and adjust comparative financial information
Review and adjust comparative financial information to provide meaningful comparisons of the organization's financial performance and position over time. This task is important for trend analysis and benchmarking. The desired result is to have accurate and consistent comparative financial information. It requires knowledge of accounting principles and proficiency in financial analysis tools. Challenges may include reconciling discrepancies between different periods or accounting standards. Resources needed include comparative financial statements and financial analysis tools.
1
Yes
2
No
3
Not Applicable
Prepare and submit tax return forms
Prepare and submit tax return forms to comply with tax regulations. This task is important to fulfill the organization's tax obligations. The desired result is to have accurate and timely tax returns. It requires knowledge of tax laws and proficiency in tax preparation software. Challenges may include interpreting complex tax regulations or dealing with tax audits. Resources needed include tax forms, supporting documents, and tax preparation software.
1
Yes
2
No
3
Not Applicable
Attain audit documents and other verifications
Attain audit documents and other verifications to support the audit process. This task is important for ensuring the integrity of the financial statements. The desired result is to have complete and reliable audit evidence. It requires coordination with internal and external auditors and knowledge of audit procedures. Challenges may include retrieving historical records or dealing with auditors' requests. Resources needed include audit programs, work papers, and document management systems.
1
Yes
2
No
3
Not Applicable
Ensure compliance with financial regulations
Ensure compliance with financial regulations to avoid legal and regulatory issues. This task is important for maintaining the organization's reputation and avoiding penalties. The desired result is to have documented evidence of compliance. It requires knowledge of financial regulations and proficiency in compliance management tools. Challenges may include interpreting complex regulations or implementing necessary controls. Resources needed include regulatory frameworks, compliance policies, and compliance management software.
1
GAAP
2
IFRS
3
SEC
4
SOX
5
FATCA
Update financial record system
Update the financial record system to reflect the latest financial transactions and adjustments. This task is important for maintaining accurate and up-to-date financial records. The desired result is to have a reliable and organized financial record system. It requires proficiency in accounting software and attention to detail. Challenges may include reconciling discrepancies between different record systems or ensuring data integrity. Resources needed include accounting software and data entry tools.
1
Yes
2
No
Review inter-company accounts and transactions
Review inter-company accounts and transactions to ensure accuracy and eliminate any potential inter-company discrepancies. This task is important for maintaining the transparency and reliability of inter-company transactions. The desired result is to have accurate and balanced inter-company accounts. It requires knowledge of inter-company accounting principles and attention to detail. Challenges may include reconciling inter-company transactions between different subsidiaries or legal entities. Resources needed include inter-company account statements, supporting documents, and inter-company software.
1
Yes
2
No
3
Not Applicable
Approval: Chief Financial Officer
Will be submitted for approval:
Prepare financial reports and other disclosure requirements
Will be submitted
Review and adjust comparative financial information
Will be submitted
Prepare and submit tax return forms
Will be submitted
Attain audit documents and other verifications
Will be submitted
Ensure compliance with financial regulations
Will be submitted
Update financial record system
Will be submitted
Review inter-company accounts and transactions
Will be submitted
Submit financial reports to stakeholders
Submit financial reports to stakeholders to communicate the financial performance and position of the organization. This task is important for transparency and accountability. The desired result is to have timely and accurate financial reports. It requires coordination with stakeholders and proficiency in communication tools. Challenges may include meeting reporting deadlines or addressing stakeholders' inquiries. Resources needed include financial reports, communication channels, and stakeholder management tools.
1
Board of Directors
2
Shareholders
3
Management
4
Regulators
5
Investors
Prepare next period's budget plans
Prepare next period's budget plans to guide the organization's financial activities and goals. This task is important for financial planning and resource allocation. The desired result is to have a comprehensive and feasible budget plan. It requires knowledge of budgeting techniques and proficiency in budgeting software. Challenges may include balancing competing priorities or predicting future market conditions. Resources needed include historical financial data, departmental budgets, and budgeting software.
1
Revenue
2
Expenses
3
Capital Expenditures
4
Operating Costs
Implement new financial strategies if needed
Implement new financial strategies if needed to improve the organization's financial performance. This task is important for staying competitive and adapting to changing market conditions. The desired result is to have effective financial strategies that align with organizational goals. It requires knowledge of financial management principles and project management skills. Challenges may include managing resistance to change or ensuring resource availability. Resources needed include financial strategy proposals, project plans, and financial management tools.
Audit own financial management process
Audit the own financial management process to identify areas for improvement and ensure compliance with internal controls. This task is important for continuous improvement and risk management. The desired result is to have a robust and efficient financial management process. It requires knowledge of internal controls and proficiency in auditing techniques. Challenges may include identifying process inefficiencies or addressing control gaps. Resources needed include process documentation, audit programs, and auditing tools.
1
Financial Controls
2
Process Efficiency
3
Risk Management
4
Internal Reporting
5
Data Accuracy
Prepare for the upcoming audit
Prepare for the upcoming audit to ensure a smooth and efficient audit process. This task is important for providing auditors with necessary information and supporting documents. The desired result is to have all required audit materials readily available. It requires coordination with auditors and knowledge of audit procedures. Challenges may include retrieving historical records or addressing auditors' inquiries. Resources needed include audit programs, work papers, and document management systems.
