Debtors’ system
The debtors’ system will be the responsibility of the business accountant.
The debtors’ system will be used to develop debtors’ records at the end of each month.
The debtors’ system will be reviewed at the end of each month to ensure that the level of debtors is within the business allowable limits and to ensure that the risk of bad debts is minimized.
Cash book
The cash book will be the responsibility of the accounts clerk.
The cash book will be reconciled at the end of each working week and reconciliations with cash in hand and cash in bank made.
The cash book will be reviewed at the end of each month to ensure that tax regulation are met and to ensure that all the cash flowing into and out of the business is fully accounted for.
Ordering system
The ordering system will be the responsibility of the procurement officer in the company.
The ordering records will be prepared every week through the purchase orders sheet.
The ordering system will be reviewed every week to ensure that no shortages of any materials needed for work occur. It will also ensure that the materials ordered are tracked through until their receipt.
Wages
The wages records will be the responsibility of the business accountant.
Wages will be paid on a monthly basis through the payroll sheets in the payroll system.
Wages records will be reviewed on a monthly basis to ensure that the tax regulations are met. The review will also ensure that all other relevant deductions are made to the employees of the company.
Taxation records
Taxation records will be the responsibility of the business accountant.
The taxation records will be prepared on quarterly basis through the records issued by the taxation department.
The taxation system will be reviewed every month to ensure that the tax regulations are met on time and avoid any penalties that may arise as a result of incorrect tax returns.
Charge out
The charge out will be the responsibility of the accounting department of the business.
The charge out will be recorded for each particular job in the records prepared for each project proposal.
The charge out will be reviewed after completion of each project to ensure that the pricing for the project is profitable after consideration of all the associated costs of the project.
Filing system
The filing system will be the responsibility of the accounts clerk.
The business records will be reviewed annually during the preparation of the business annual financial statements and the carrying out of an annual audit of the business.
The filing system will be reviewed at the end of the financial year to ensure that the relevant business records required for compliance with the business tax regulations and keep track of the business assets.
Petty cash
The petty cash system will be the responsibility of the accounts clerk.
Petty cash will be reimbursed on daily basis and recorded through the petty cash record sheet on daily basis.
The petty cash system will be reviewed on monthly basis by the business accountant to ensure that records are being kept according to the tax regulations.
Cash flow projections
The cash flow projections will be the responsibility of the business accountant.
The cash flow projections will be prepared for each month and will be recorded through the monthly cash flow statements.
The cash flow projections will be reviewed at the end of each month to evaluate whether or not the cash projections were met and devise new ways of improving the cash position of the business in the coming month.
Progress claims
Progress claims will be the responsibility of the business accountant.
The progress claims will be reviewed on monthly basis after the commencement of any project and will be recorded on the projects work in progress sheet.
The progress claims will be reviewed on monthly basis after the commencement of any project to ensure that project costs do not increase to a level that the project becomes unprofitable.
Preparing financial reports
The preparation of financial reports will be the responsibility of the business accountant.
The business reports will be prepared on an annual basis.
Business financial reports will be reviewed at the end of every financial year by appointed external auditors to ensure that the regulations governing financial reporting are met and to evaluate whether or not the business ahs made a profit or a loss in that financial year.
