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Accounting and financial control policy

Accounting and financial control policy



Direct Medics Accounting Policy overview

Comply with generally accepted Accounting Principles (GAAP) OR International Financial Reporting Standards (IFRS) and apply accounting policies consistently within an accounting period from one financial year to another, subject to change if new accounting standards are introduced or the scale of activities change. Accounting policies refer to the framework that guides the recognition, measurement and presentation of assets, liabilities income and expenditure in financial statements.


Aim

The aim is to enhance the comparability of financial information. This policy is a guideline for the organization and employees to follow to achieve compliance. This will assist employees and give direction and decision-making guidance.


Purpose

The main purpose of the accounts team is to record and report the company’s financial transactions, financial performance and cash flows. The information provided by the accounts team must be true, comparable, timely, relevant, understandable and complete, which is the basic principle of the accounting policy and will ensure that financial activity is recorded accurately and consistently across the organization.


Scope

All aspects of the company’s finances.


Section 1:Accounts receivable team structure

The Accounts Receivable team consists of an Accounts receivable Manager, Accounts receivable Specialists/Credit Controllers, Finance Administrators and Finance Support Officers.


Daily Tasks

  • Update Finance system to ensure bank link is operational to show daily cash inflows on both current and reserve accounts
  • Request daily bank statement from director to begin allocation of daily cash inflows.
  • Check employee outlook inbox am to establish daily task list and prioritize queries from customer accounts, director and other departments within the organization e.g. recruitment compliance and payroll. (see section 2 for additional notes)
  • Check Remittance inbox am to retrieve any remittances that need allocation.
  • Allocate all daily cash inflows on finance system
  • Reviewing emails, dealing with any customer queries and disputes, responding to clients. (see section 2 for additional notes)
  • Maintaining and updating Credit Control spreadsheets daily. This includes recording customer communication and follow ups, monitoring outstanding balances, etc. (see section 2 for additional notes)
  • Assist with system integrations as required.


Prioritize in order as follows:

  1. Daily requests/resolving queries in order of importance and urgency from the managing director/operations general manager-Paul Mulvenna
  2. Daily requests/ resolving queries in order of importance and urgency from AR Manager-Selina Hay
  3. Resolving email/phone queries in order of importance and urgency:
  4. External customers/auditors and accountant
  5. Internal departmental requests


Weekly Tasks

  • Printing and checking of invoices of previous week
  • Sending invoices from previous week
  • Import and publish invoices on finance software
  • Reconciliation of Local trust remittance and portal remittances on finance software
  • Upload shifts worked onto portals for approval by trusts
  • Identifying anomalies with timesheets and investigating over and under payments of portal invoices
  • Correct and resubmit invoices to trusts when required
  • Correct invoices and create credits on both finance software
  • Produce and send statements to local trust once reconciliations are complete as soon as remittance has been allocated or when required for any trust/customer account
  • Follow up with portal providers for remittance and payment as required
  • Agree sales ledgers once all invoices have been imported
  • Assist with ad hoc projects requested by managing director/directors as and when requested.
  • Assist Managing director with weekly bank reconciliation
  • Assist accountant/auditors with queries and provide requested information
  • Produce reports on portals to show outstanding payments
  • Maintenance of client contact details on eclipse
  • Create new customers on sage and provide sage reference code to recruitment consultants


Monthly Tasks/Quarterly-Currently Manager responsibility

  • Assist with statement reconciliation from BSO and resolving any queries to ensure payment of invoices-as per director instruction.
  • Assist director with correspondence detailing legal proceedings for unpaid debts-as per director instruction.
  • Assist director with interest calculations on unpaid aged debt-as per director instruction.
  • Assist Director with VAT queries and produce reports from sage accounts regarding vat returns-as per director instruction.
  • Assist with projects for efficiency improvements working with other departments e.g. IT. -as per director instruction.