FINANCE DEPARTMENT

The finance department is responsible for all of the day-to-day transactional accounting for KNDI, such as raising and chasing invoices, paying bills and dealing with bank reconciliation. This involves managing cash flow and ensuring there are enough funds available to meet the regular payments. Alongside these activities, the head of finance is also responsible for advising and sourcing longer-term accounting.

The core finance department involve the following tasks:

1. Bookkeeping

At a basic level, this includes managing the sales and purchase ledgers, as well as processes for payroll and expenses. Bookkeeping also includes complex tasks such as bank and petty cash reconciliation, journals and tax returns.

2. Accounting

This includes all cash flow analysis, income and expenditure, deferred income, depreciation, prepayments, funder reporting, the balance sheet and fund management.

3. Financial management

This is where financial leaders interpret data for budgeting, forecasting, profitability and variances reporting. This is also where you compare performance year-over-year and performance against forecast.

4. Financial planning and analysis

This involves using data and analysis for big picture thinking, with business planning, financial strategy and investments.

5. Generating Management Report

This involves preparing management reports to be tables to the Council before external audit processes. This includes income and expenditure reports, balance sheets and general ledger.