ACCOUNTS AND FINANCE DEPARTMENT
The activities of the Accounts and finance department are carried over by talented and adequate persons. The functions of fiancé department are carried over five sections. Actually, proper control purpose, they subdivide their functions to the several sections. The sections of Accounting and fiancé department are as follows :
- TakeMe Group.
- Financial Accounts –Strategic Business unit.
- Financial Accounts –Non-Strategic Business unit.
- Tax and Payroll.
- Leasing and legal affairs.
Hierarchy of Accounts and Finance Department:
The extended form of TakeMe Group is industrial operation control and business planning. This section does the costing and budgeting of TakeMe Group. Previously it was known as costing and budgeting section and recently it has changed its name because of horizon of their work. Their work is not bounded to the costing and budgeting functions only. They provide information to the planning, marketing, purchasing and other departments for proper decision making. This section of accounts and finance department does the reporting to the management. They prepare different types of cost reports.
Activates of this department are as follows:
- Prepare cost sheet.
- Determine manufacturing cost of a product.
- Allocate overhead to the product.
- Determine Tender cost sheet.
- Prepare different types of budgets such as production, budget, sales budget, cash budget, master budget, purchase budget and departmental budget.
- Prepare different types of reports such as Scrap Report, Production report, product profitability report and biggest concerned report etc.
- Provide proper data to the planning department relating to costing.
- Help to control inventory.
- Identifies the cost centers.
- Does the inventory valuation etc.
The major function of this section is to prepare the financial report of TakeMe Group.
There is a Manager to monitor the activities of this section. The major activates of these sections are as follows:
- Preparation of financial report for external reporting.
- Preparation of monthly Financial Report.
- Preparation and publishing quarterly financial report.
- Recording of export sales Earnings.
MANAGEMENT ACCOUNTING PRACTICE AT TakeMe Group A REVIEW OF COSTING FUNTION:
Treasury section deals with (i) cash at banks and (ii) bills. It also looks after the cash planning and management. A review is made every week for this purpose. This department controls and monitors cash flow positions. There is a responsible person for monitoring and controlling activities of treasury sections.