An efficient CFO has a job of preparing the ongoing financial reporting as the corporate demands compel the financial leaders to examine their procedures and implement broad changes by way of financial reporting. Therefore, for an organization it is imperative to have an ongoing financial reporting done by an expertise of finance which includes financial reporting, working capital, insurance requirements, and ongoing financial viability requirements, financial MIS reports, decision making etc. Thus, for an organization it is essential to have an ongoing financial reporting being conducted systematically.
MIS is an effective tool that is adopted by the managers to evaluate the business processes and operations. It also includes the visual presentation of different kinds of information relating to financial projections that are supposed to be formulated. MIS stands for management information system. Business managers at all levels of an organization rely on the reports that are prepared by the senior financial officers. This helps in evaluating the business’s daily activities or problems that arise, making decisions, track progress etc. It is used by all sizes of the organization as it is the most effective financial reporting.
Month end closes shall be a process of evaluation of the financial transactions along with the assessment of the same at the end of the month. It is thus a fast track mode of recording and assimilating the transactions that happened during the month. Thus, the month end closes are a fast track mode of the processes conducted during the month.
We will be reviewing the entire records of the company; we shall be checking the Accounts reconciliation, Journal entries, Review of Expenses, Approval system, Balance sheet review.
A financial report can be done in multiple GAAP’s (Indian GAAP, US GAAP, IFRS), therefore it becomes a big challenge to report these financials.
Indian GAAP this is a set of accounting standards that every company operating in India has to follow when reporting its financial results.
These are the generally accepted accounting principles, also called GAAP or US GAAP, are the generally accepted accounting principles adopted by the U.S. Securities and Exchange Commission.
These are referred to as International Financial Reporting standards, are defined as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.
Thus it is a cumbersome process of reporting within a less time span to compare the multiple GAAP’s.
We assist in the process of doing the same, whereas the organization can focus on the other review points.
The Board of directors and the management of the company are responsible for organization’s operational, strategic, and financial performance. Board exercise its responsibilities by clearly setting out the policy guidelines within which they expect the management to operate.
Thus a good board and management reporting helps in the accurate decision making and also establishing the good governance thereby helping in gaining investor’s confidence.
There are multiple types of audits that are conducted in an organization. Leading among them are various types of audit which are technically handled and controlled by the finance team of the organization. Some of the audits are: TAX audit, bank Audit, statutory audit, HO audit etc. Thus audit planning is a vital area of the audit primarily conducted at the beginning of the audit process.
We help in assisting and guiding the task more effectively and efficiently by helping in completing the audit preparation.
Finlaw is a leading consultancy firm in India, which has developed a high specialization in the field of commercial & corporate law. Our consultancy firm is a team of highly qualified and experienced lawyers.
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