Financial Record Keeping
- Maintain accurate and complete financial records in compliance with accounting principles and standards.
- Ensure all financial transactions are properly recorded, filed, and reported.
Account Reconciliation
- Reconcile bank statements and accounts to ensure accuracy and consistency in financial records.
- Identify and resolve discrepancies in financial accounts.
Budgeting and Forecasting
- Assist in preparing detailed company budgets and financial forecasts.
- Monitor and report on financial performance compared to the budget, analyzing variances and recommending corrective actions.
Financial Reporting
- Prepare periodic financial statements, including profit and loss accounts, balance sheets, and cash flow statements.
- Ensure timely reporting of all financial information.
Taxation
- Calculate and prepare tax returns, ensuring compliance with payment, reporting, and other tax requirements.
- Stay updated on changes in tax legislation and advise on tax-related issues.
Payroll Processing
- Oversee the payroll process, ensuring accurate computation of wages, compliance with taxation and employment laws, and timely processing of payroll payments.
Internal Controls and Compliance
- Implement and monitor internal financial controls to prevent and detect fraud or mismanagement.
- Ensure compliance with financial regulations and standards, and prepare for audits by external entities.
Financial Analysis and Advisory
- Conduct financial analysis to assess the organization’s financial health and identify trends, challenges, and opportunities.
- Provide strategic financial advice to management, helping in decision-making and planning.
Cash Flow Management
- Manage cash flow by tracking transactions and regularly reviewing the company’s financial status.
- Forecast cash flow positions, related borrowing needs, and available funds for investment.
Liaison and Communication
- Work with external auditors, consultants, and regulatory bodies as required.
- Communicate financial information effectively to stakeholders, including non-financial personnel, to facilitate informed decision-making.

Requirements

Recording Financial Transactions

Daily Entries: Record all financial transactions, including sales, purchases, receipts, and payments, in the appropriate books or software.
Invoicing: Generate and send invoices to clients, track incoming payments, and manage accounts receivable.

Maintaining Ledgers

General Ledger: Keep the general ledger updated, which is a complete record of all financial transactions over the lifespan of the company.
Subsidiary Ledgers: Manage subsidiary ledgers for details on accounts payable, accounts receivable, etc.

Reconciliation

Bank Reconciliation: Regularly reconcile bank statements with the company’s ledger balances to ensure accuracy and consistency in financial records.
Account Reconciliation: Reconcile all ledger accounts periodically to detect and correct discrepancies.

Managing Payroll

Payroll Processing: Calculate and process employee wages, withholdings, and payroll taxes.
Payroll Records: Maintain comprehensive payroll records for all employees.

Financial Reporting

Trial Balance: Prepare a trial balance periodically by totaling all debits and credits in the company’s ledger to ensure they balance.
Financial Statements: Assist in preparing basic financial statements, such as income statements and balance sheets, which provide an overview of the company’s financial status.

Cash Handling

Cash Management: Manage cash transactions, including petty cash funds, and ensure accurate recording of all cash inflows and outflows.
Expense Tracking: Track and categorize company expenses to manage cash flow and prepare for tax time.

Tax Preparation

Tax Records: Keep detailed records of all transactions to support tax filings and potential audits.
Assist with Tax Filings: Provide necessary financial information and documentation for tax preparation and filing.

Compliance

Regulatory Compliance: Ensure that all financial records and processes comply with relevant legal, regulatory, and internal policies and standards.

Software Proficiency

Accounting Software: Utilize accounting software to streamline and automate bookkeeping processes, ensuring efficient and accurate financial record-keeping.

Accountent