Proper Guidance

General accounting and reporting and Financial Statements Closing Process

• Selection and application of accounting policies and estimates

• Preparation and approval of Monthly Accounts

• Financial statement closing process

• Posting and recording of routine and non routine activities including journal entries

• Allocation of system rights authorization

• Approval and granting of system rights

• Initiation of accounting transactions

• Verification & posting of accounting transactions

Costing Function

• Costing function in ERP

• Preparation/Extraction of monthly baseline reports

• Preparation of monthly CM analysis report

• Presentation of CM report to management

Fixed Assets

• Capital planning & budgeting

• Capital investment request

• Capital work in progress – Cost Accumulation

• Assets depreciation, retirement & impairment

• Safeguard of Assets and Physical verification

• Maintenance of Fixed Assets Register

• Asset transfers and disposals

• Insurance and claims

• Reporting and Fixed Assets Accounting

• Sales Forecasting

• Price master maintenance

• Sales order processing

• Dispatch and invoicing

• Sales returns and credit notes

• Customer complaints management

• Manage Credit Risk

• Cash Collection

• Periodic verification of trade receivables

• Field audit and reconciliation of trade receivables

• Initiation of budget process

• Submission of budgets by process owners

• Preparation & approval of master budget

• Monitoring of budget & reporting

Management Reporting

• Monthly Accounts

• Monthly Budget Comparison

• Monthly Contribution Margin Analysis Report

• Monthly Inventory Analysis

• Monthly Capital Expenditure Report

• Monthly Income Tax Report

• Monthly Tax Report

a) Finished Goods , b) Appliances, c) Raw Material, d) WIP, e) General Stores and Spares

• Demand

• Design and Packing

• Dispatch

• Returns

• Valuation & Scraps

• Virtual warehousing

Master Data Management

• Creation of Bill of Material

• Update / revision in Bill of Material

• New inventory item creation

• Update/Revisions in inventory master data

Stock level settings and monitoring

• Defining of safety stocks and re-order levels

• Update / revision in inventory levels

• Monitoring of inventory levels at factory and warehouses

Physical and security controls over inventory

• Receipt and inspection of goods received

• Issuance of items from warehouse

• Hand over of pledged inventory to banks representative / third party

• Receipt pledged inventory from banks representative / third party

• Safety controls in store

• Inventory access control in store

• Physical verification of inventory and adjustments for shortages

• Recording and reconciliations of inter-location stock movements

• Surprise stock counts

Decanting of liquid raw material

• Selection of mode of decanting

• Route planning and execution

• Removal and discharge of waste packing material

• Inventory Costing and Valuation

• Reconciliation of inventory ledger with GL

• Insurance claims and settlements

• Identification of SLOB / damaged, slow moving and expired inventory items

• Provision against the SLOB items

• Management reporting

• Attendance record

• Overtime record

• Payroll Calculation

• Recording of Salary

• Authorization of Salary

• Overtime payment

• Travelling and Daily allowance

Production Planning and Control

• Production Planning and priortization

• Update / revision in production planning

• Rolling monthly production planning

Production Process

• Conversion of planned production into production orders

• Requisition and receipt of raw material

• Transfer of raw material from storage tanks

• Conversion process

• Quality testing / rejection by QC Lab

• Rejection / return of material to store

• Monitoring and recording of production gains / losses

• Shift change operations

• Monitoring of Master Production Schedule

• Variance analysis of actual production vs planned production

• Waste Management

• Stock rework approval

• Rework process

• Production Reporting

• HR Manual, Policies and Procedure

• Recruitment & Selection

• Training & Development

• Employee Retention

• Performance Appraisals

• Employee Separation / Terminations

Procurement planning (local and imports)

• Planning of procurement (Local and Imports)

• Monitoring and review of plans

• Sourcing and Contracting

• Requisition and Procurement

Vendor selection , evaluation and master file maintenance

• Vendor selection (As per the criteria defined)

• Vendor creation in system

• Periodic review and evaluation of vendor

• Update/Revision in vendor master data

Order processing, procurement, receipt and Inspection functions

• Preparation and approval of purchase requisition

• Competitive bidding and approval process

• Preparation and approval of purchase orders

• Receipt and communication to the user department

• Inspection of items received

• Recording of goods and services received

• Recording of liability against goods and services

• Recording and approval of payments against liability

• Purchase returns to vendors and recording in the system

• Process of advances given to suppliers

• Settlement and reconciliation of advances

• Calculation and recording of duties and taxes on import of goods

• Bank account opening, closing process and approval

• Bank reconciliation

• Adjustments of outstanding entries

• Annual funds planning

• Monthly funds planning

• Daily fund planning & execution

• Monthly monitoring of funds

• Approval of petty expenses & disbursement

• Day-end cash reconciliation

• Review of cash limits & approval

• Physical cash count