Functions at a glance:
The department’s accountants review the documents of each unit to find out the organization’s financial position and any changes required to run the organization cost-effectively. Daily transactions are recorded by software and services provided with Money Receipt.
Cash Flow Management:
The accounts department ensures carefully cash flow management allows estimating the amount of cash that it will have on hand at any one time, project trends in cash inflow and cash outflow, and evaluating whether a shortfall or surplus in cash could potentially occur.
Our reporting group within the department creates adjusting journal entries to bring the company’s initial financial results into compliance with the applicable accounting framework, writes footnotes to accompany the financial statements, and releases financials following the end of each reporting period.
In case of internal reporting financial data or other information are accumulated and communicated to another within the organization. This information assists in the managerial decision-making process.
Handling Tax issues:
A specially-trained group of accounts estimates the amount of taxable income that the organizations are likely to generate, and periodically remits income tax payments to the government, based on this estimated amount.