The functions of the Finance and Accounts Branch are as follows: coordinate day to day financial activities of the Agency. Disburse funds of the Agency, when directed by the controller. Authorize the expenditure of monies in the manner as decided by the controller. As far as possible pay all concerned staff salaries as well as contribute to the employee’s welfare. Finance and Accounts will provide you with accounts receivable documentation which will help you understand how much money your business is receiving and how much it is spending aat level 2.
Finance and Accounts keep a record of all financial transactions of an organization. A company’s accounts will show all the financial activities like sales, purchases, income, expenses and balance sheet. These transactions are reported to the controllers who take action accordingly. Some important functions performed by Finance and Accounts are as follows:
The duty of a Finance and Accounts Officer is to prepare and maintain the balance sheet of an organization. He prepares this report after gathering all the financial information of an organization. He checks the correctness of these financial statements by doing some complex accounting. The work of a finance and accounts officer includes preparing reports from the treasury department, preparing the statement of cash flows for tax purposes, preparing the balance sheet, preparing reports for banking purposes, and keeping track of all bank transfers, loans and other transactions aat level 3.
A Finance and Accounts member should have an MBA with a minimum of 3 years. Before getting appointments as a finance office he must get the designation of additional director. Additional directors are appointed on the proposal of a finance or accounting department. This designation gives the individual the right to act as a secretary to the controller or to any other senior officer. After getting additional directorate, the individual can apply for such posts as directors of companies, consultants, investment bankers etc.
Appointments to all such posts are made through the Joint Review Committee (JRC). Appointments are made on the review of matters raised in the Annual General Meeting (AGM). A finance controller may be asked to visit a particular firm every year and make a report to the controller or the supervisory staff of that company about his observations. This is one of the most important administrative jobs in a reputed organization as the report made by the controller is used for stock trading purposes and also decides the pay level of that particular firm.
Finance and Accounts are a very interesting field with a lot of scope. With proper training and specialization in the field there are several options to explore in this field. It is very important that a person chooses the appropriate courses. There are many reputed institutes that offer Accounting and Finance training and specialization. People with proper knowledge of financial accounting principles and with the ability to apply that knowledge are able to get good jobs in this field.