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finance and accounting checklist

Accounts Payable

Review vendor invoices for accuracy and proper approval.

Ensure all invoices are recorded in the accounting system.

Confirm payment terms and due dates.

Reconcile accounts payable ledger with vendor statements.

Prepare and process payment runs.

Accounts Receivable

Verify customer invoices for accuracy.

Ensure all sales are recorded in the accounting system.

Monitor aging accounts receivable and follow up on overdue invoices.

Reconcile accounts receivable ledger with customer statements.

Prepare and send customer statements.

Inventory Management

Conduct regular physical inventory counts.

Reconcile physical counts with inventory records.

Review inventory valuation methods and ensure they align with accounting policies.

Monitor inventory turnover rates and adjust purchasing strategies accordingly.

Ensure proper recording of inventory adjustments.

Payroll

Verify employee hours and overtime for accuracy.

Process payroll in a timely manner.

Ensure compliance with tax withholding and reporting requirements.

Review payroll registers for any discrepancies.

Maintain employee payroll records and documentation.

Financial Reporting

Prepare monthly financial statements (income statement, balance sheet, cash flow statement).

Conduct variance analysis to compare actual results with budgeted figures.

Ensure timely reporting to management and stakeholders.

Review financial reports for accuracy and compliance with accounting standards.

Prepare quarterly and annual financial statements for external reporting.

Budgeting and Forecasting

Review historical financial data for trends.

Prepare annual budgets aligned with organizational goals.

Monitor budget performance and adjust forecasts as necessary.

Collaborate with department heads for input on budget assumptions.

Conduct variance analysis to identify areas for improvement.

Compliance and Auditing

Ensure compliance with relevant accounting standards and regulations.

Coordinate with external auditors for annual audits.

Prepare necessary documentation and support for audit processes.

Review internal controls and assess areas of risk.

Implement recommendations from audit findings.

Cash Management

Monitor cash flow and analyze cash forecasts.

Ensure adequate cash reserves for operational needs.

Review banking transactions and reconcile bank statements.

Optimize cash management strategies to minimize costs.

Prepare cash flow reports for management review.

This checklist can help ensure that finance and accounting processes in manufacturing organizations are thorough, accurate, and compliant.

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