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Job Roles And Responsibilities Of A Finance Department

Finance / By /

The finance department is a crucial department in business as this where the all matters relating to finance in the company are regulated. In a nutshell, the department tells the business how it is performing financially. This includes monitoring the cash flow purchase of goods and much more. People with finance and accounting experience can apply for a finance job in any department using georgia department of labor gainesville website, which offers more details. To see more on the job roles of the finance department, read through this article.

Job roles and responsibilities of the finance department

Managing the cash flow

calculator and some coinsA healthy cash flow ensures that the company has enough funds to run the day to day operations and still maintain a profit. A finance department through its different department regulates the amount of money going to the account payables and accounts receivables. They regulate the policies that govern credit collection from customers to make sure the company gets it due in time. Without such kind of management, the company will soon lose track for things and start making a loss.

Regulates various accounts on a daily basis

Various types of accounting fall under the finance department. They handle the daily record keeping of all accounts as per the company policy. Bookkeeping which enters the transactions on a daily basis plays a crucial role in when balancing the books at the end of a financial period. Such data is also used when making major decisions in the department as well.

Designs short and long term financial strategies

A company without a financial strategy is usually headed for doom. However, the financial department plans and strategies for short and long-term strategies that guide the company. It involves making budgets and projections for sales and expenditure in future putting in considerations all factors involved.

Internal audits

increased graphicAnother crucial role of the finance department is the internal audit. All areas require scrutiny and controls which the internal auditors must do. Where there are challenges, the departments discusses with the concerned department for clarifications and corrections. It is this department that also is responsible for knowing when there is fraud in the company or waste and recommend the best way forward.

Financial advice to the company

The management must get constant advice on the performance. As a matter of fact, major decisions are based on the financial position of the company. The head of the finance department sits at the management meetings, and most of the questions are directed to him or her. Their advice are usually taken seriously…

Tips For Getting Your Child An Insurance Policy

Insurance / By /

happy family

Caring parents buy insurance covers for their children. However, many parents have little information about the way to get the insurance. An insurance coverage will not be of any importance if it does not suit the needs of the child. Buying an insurance policy should be an informed decision. One should equip himself with all the protection about the insurance policy before purchasing a policy.

Consider the age of your child.

Children of different ages may need different insurance policies.The child will probably need a medical insurancefamily illustration cover more than any other kind of insurance at the infants age. At two years the child may need a health insurance as well as injury cover. This the age when a child begins to walk. A child at this age is prone to injury. Beyond five years old, the child may need an education cover. An education cover is a particular kind of an insurance policy that the parent make regular payments to an insurance firm. The insurance firm will then make a lump sum or partial payment when a child reaches a certain level of education.

Analyze the benefits, cost, and terms of the policy.

Before selecting the policy, it is good to examine the benefits versus the cost of policy. An ideal policy is one that the benefits are more than the cost. Insurance firms work under the principle of indemnity. This means that they aim to restore the financial or the social status of a person as it was before an occurrence of an event of after a completion of an agreement. The benefit should put into consideration the time value of money and inflation condition. On top of that, the terms of the policy should be friendly, which is clear and simple. They should be written down and disclose to a parent before the purchasing of policy.

Go for a reputable company.

calculator and pen Some insurance companies collapse and are declared bankrupt. This means that the members’ contribution will be paid prematurely. If the situation is worse, it may mean that the members are not paid anything at all. This is why, when taking a policy for a child, go for the established company in the market. Research on the competition complexity of companies. Some company shy from paying claims and complicate the process of making a claim.

In conclusion, a child insurance policy has no much different from other insurance policies. Reputable companies offer the better insurance policies compared to less established companies. All remember the main aim of the policy or the reason you want to cover your child.…

Pros And Cons Of Bankruptcy

Bankruptcy / By /

locked wallet

Bankruptcy is declaring yourself unable to pay all your debts that are outstanding. It involves meeting a judge who will help you in determining a payment schedule. Alternatively one may have a legal bankruptcy to discharge most of their debts. Also, one can file for bankruptcy personally. Similarly, a business may also file for bankruptcy and may be forced to close, or it can still operate while paying little amounts to their debtors. The following are the pros and cons of bankruptcy.

Advantages

Gets the creditors off your shoulder

Declaring yourself bankrupt stops the creditors from repossessing your property in a bid to recover their money back. This also includes sending you any demand letters or suing you. Neither are they allowed to call you in regards to the debt you have with them.

Discharges you from the obligation of paying debtsno debt sign

Declaring bankruptcy will discharge you from paying the dischargeable debts. However, some other debts may not be discharged, and you will be forced to pay them.

Improved credit rating

Despite the fact that bankruptcy lingers on your credit report for six or seven years, one will eventually develop a good credit rating by starting off again after this period. It only calls for patience as you wait for the period to end.

Exemptions

One may apply for bankruptcy exemptions which will prevent their property from being sold to pay for the debts they are still having. This will help them retain their property in case of anything.

Filing for bankruptcy should be the last resort. Despite gaining from the fact that your duty of paying debts is discharged one may also suffer some consequences.

Disadvantages

Seizing of property

If one can’t list all their property under bankruptcy exemptions, it may be seized. The bankruptcy court will seize your property and sell it to cater for your debts.

Bad credit report

Filing for bankruptcy will eventually spoil your credit report. Even worse is the fact that it will linger on your credit report for six or seven years. This may limit you from taking loans from financial institutions.

Difficulty in finding a job or a house

manSome employers may not hire you given your history of bankruptcy. This may make your chances of getting a job very slim. Even landlords may find it hard to give you a house because of bankruptcy. More to that, one may also be excluded from the list of company directors of a particular company.

Not all debts are discharged

One may not be exempted from paying debts such as student loans, child support, and even fines. So it does not discharge you from all your debts per say.…