Make payments for goods or services taken or used on behalf of the organization. This includes the development of policies and procedures around processing of accounts payable and all operations. This process is often supported by key technology enablers. Check accounts payable entries with vendor's account for every payment made. Check all invoices. Maintain records. Record transactions in the books of accounts on an accrual basis irrespective of the actual cash flow and reversals basis cancel out the adjusting entries for balancing accounts.
Prepare tax returns, including the income tax filing for an individual or business entity from earnings. Address any exceptional case of accounts payable on an ad hoc basis, by seeking counsel or carrying out any necessary research.
Coordinate with concerned parties about the fulfillment of bills payable. Approve and process advancements and reimbursements for employee expenses on the organization's behalf. Capture and report relevant tax data and manage personal accounts. Set policies regarding reimbursement process and amount limits etc. Inform employees. Follow Approve reimbursements and advances [] according to policies and conditions. Manage the financial assets and holdings of the organization.
Optimize the organization's liquidity. Invest excess cash. Reduce financial risks. Establish policies and procedures for investments made.
Optimize liquidity in treasury operations. Establish policies and procedures for investments to optimize liquidity in treasury operations.
Create a written copy of it. Create steps for investments in bonds, currencies, and financial derivatives in order to optimize company's liquidity, invest excess cash, and reduce its financial risks.
Manage and reconcile cash positions. Manage cash equivalents. Process and oversee electronic fund transfers. Develop cash flow forecasts. Manage cash flows. Produce cash management accounting transactions and reports. Manage and oversee banking relationships. Analyze, negotiate, resolve, and confirm bank fees. Make optimum utilization of funds available in the business. Check for differences to rectify. Utilize short-term assets that can be easily convertible into cash, such as marketable securities, commercial paper and short-term government bonds, and treasury bills.
Collect and manage short-term investing activities. Prepare reports of all transactions done. Negotiate and finalize nominal fees that bank charges for various services, such as requesting a deposit slip or counter check or certifying papers. Manage different financial services provided by in-house bank structure for parent companies' subsidiaries or branches. Manage making all payments for the organization and its units or subsidiaries. Track in books of accounts of parent company.
Calculate all charges and receivables, towards interest, fees, and any other payments over its own bank accounts. Record transactions in the books of accounts. Manage its loans or debts from different sources and investments.
Leverage the most profitable options to balance the financial position in the market. Arrange and supervise loans from banks and individuals and investments in different available and profitable options. Prepare and maintain records of loans and investment transactions. Arrange and supervise interest rate swap transactions to manage exposure to fluctuations in interest rates. Or attain a marginally lower rate of interest than could be gained through a swap. Manage interest rates, foreign exchange, and exposure risks.
Develop and execute hedging transactions. Evaluate and refine hedging positions. Produce hedge accounting transactions and reports. Monitor credit. Maintain financial investments in particular investments or a portfolios that could be risky for the organization.
Select an option. This process requires the organization to manage entity's board of trustees, management, and other personnel in order to offer judicious assurance about the achievement of effectiveness, proficiency of operations, and reliability of financial reporting.
Delineate process goals. Determine the risks attached to it. Determine what the process is meant to accomplish, potential issues, a timeline of potential risks, the scope and potential impact of risks, etc. Determine the specific maximum risk to take in quantitative terms for each relevant risk subcategory, including strategic, operational, financial, and compliance risks. Design and implement control activities. Monitor control effectiveness. Remediate control deficiencies.
Create compliance functions. Operate compliance functions. Implement and maintain technologies and tools to enable the internal controls-related activities. Observe the effectiveness of policies, procedures, techniques, and mechanisms actions taken to minimize risk. Conduct in accordance with Monitor control effectiveness [] in order to determine and rectify the control deficiencies. Monitor trading activity.
Avoid conflicts of interest. Safeguard compliance with guidelines at brokerage houses. Avoid money laundering and potential tax evasion. This process requires the organization to report to external auditors about the regulations for any critical data that the organization is holding.
Ensure that appropriate taxing authorities receive tax return filings and payments when due. Assess the tax impact of various activities such as the acquisition or disposal of fixed assets or a deliberate change in number of employee.
Set up tax strategies for foreign trade in imports and exports and at national, state, and local level. Prepare and maintain the tax paid by the organization to the country they have business in.
The annual FTE is 2, hours, which the company calculates as 8 hours per day and 5 days a week. The standardized figure is 1. It is used to find out the requirement of human labor for a project or a task.
It measures the labor capacity a project, activity or task needs. The main purpose of using FTE is to calculate the cost — in time, money and personnel — of the project. The business uses this concept in project management and resource management for staffing decisions.
FTE concept helps in determining the workload and accordingly determines the number of part-time employees and number of hours they will work. This is crucial for accounting purpose and wages determination and total expenses incurred for paying the workers. It helps in standardizing the salaries by showing what the equivalent salary would be of a part-time employee taking the base of working full-time. A pro-rata salary is calculated for part-time employees by adjusting their working hours with the help of FTE.
Members may download one copy of our sample forms and templates for your personal use within your organization. Neither members nor non-members may reproduce such samples in any other way e. The calculation of full-time equivalent FTE is an employee's scheduled hours divided by the employer's hours for a full-time workweek.
When an employer has a hour workweek, employees who are scheduled to work 40 hours per week are 1. Employees scheduled to work 20 hours per week are 0. An employer with a hour workweek would simply divide the employee's scheduled hours by 35 to determine the FTE. For example, an employee scheduled to work 21 hours per week would be 0. FTE calculations are about hours worked rather than number of employees.
You could have four employees and only one FTE. Four 0. Amir, Mark, Phyllis and Sue could each work 10 hours per week and the total would be 40 hours worked, or one FTE based on a hour workweek. Employers may use the FTE calculation for different purposes, such as benchmarking revenues or profits per employee.
Converting hours worked by part-time employees into full-time equivalents can be helpful when calculating these metrics.
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