Assistants – Accounting and treasury-AST2-Full Training Material Package (2 e-books with 1200 Multiple Choice Questions)

1. Accounting Details

Core Functions:

• Bookkeeping:
  • Recording daily transactions (journal entries, general ledger updates).
  • Ensuring all transactions comply with relevant accounting standards (e.g., IFRS, GAAP).
• Financial Statements Preparation:
  • Creating and maintaining balance sheets, income statements, and cash flow statements.
  • Analyzing discrepancies and adjusting journal entries during month-end, quarter-end, and year-end closings.
• Account Reconciliation:
  • Verifying and reconciling bank statements, credit card statements, and intercompany accounts.
  • Resolving any discrepancies between the general ledger and subsidiary ledgers.
• Accounts Payable and Receivable (AP/AR):
  • Managing supplier payments, vendor invoices, and collections from clients.
  • Establishing aging reports to track overdue invoices and bad debts.
• Tax Compliance:
  • Calculating VAT, corporate taxes, and other statutory payments.
  • Preparing documentation for tax filings and audits.
• Fixed Assets Management:
  • Maintaining the fixed asset register.
  • Calculating and recording depreciation.

Specialized Tasks:

• Audit Support:
  • Preparing documentation for internal and external audits.
  • Ensuring timely responses to audit queries.
• Regulatory Reporting:
  • Preparing reports for government agencies and stakeholders.
  • Ensuring compliance with local and international financial laws.

2. Treasury Details

Core Functions:

• Cash Flow Management:
  • Monitoring daily cash balances to ensure liquidity.
  • Preparing cash flow forecasts based on operational and strategic plans.
• Payment Processing:
  • Authorizing and managing payments (vendor payments, payroll disbursements).
  • Ensuring timely execution of domestic and international transfers.
• Bank Account Management:
  • Managing multiple bank accounts, including opening and closing accounts.
  • Negotiating with banks for better terms (e.g., interest rates, credit lines).
• Investment Management:
  • Optimizing surplus cash by investing in short-term or long-term financial instruments.
  • Analyzing the risk and return of investment options.
• Debt and Financing Management:
  • Overseeing loan agreements and debt repayments.
  • Planning and securing financing for capital projects.

Risk and Compliance:

• Liquidity Risk Management:
  • Ensuring the organization maintains sufficient funds to meet obligations.
  • Establishing contingency plans for unexpected financial needs.
• Foreign Exchange (FX) Management:
  • Hedging against currency risks for international operations.
  • Managing FX contracts and ensuring compliance with hedging policies.
• Fraud Prevention:
  • Implementing secure payment protocols.
  • Monitoring for unusual transactions to detect potential fraud.

3. Tools and Technologies:

• Accounting Software:
  • Examples: SAP, Oracle Financials, QuickBooks, Xero, Microsoft Dynamics.
• Treasury Software:
  • Examples: Kyriba, SAP Treasury, GTreasury, Finastra.
• Spreadsheet Tools:
  • Advanced use of Excel (pivot tables, macros, financial modeling).
• Data Analytics Tools:
  • Examples: Power BI, Tableau, SQL for financial analysis.
• Banking Platforms:
  • Corporate online banking portals for managing accounts and executing payments.

4. Compliance and Best Practices:

• Adherence to International Standards:
  • Accounting Standards: IFRS (International Financial Reporting Standards) or GAAP (Generally Accepted Accounting Principles).
  • Treasury Standards: TMS (Treasury Management Systems) guidelines.
• Internal Controls:
  • Segregation of duties to reduce risks of errors or fraud.
  • Regular reviews and reconciliations.
• Policies and Procedures:
  • Documenting policies for AP/AR, cash management, investments, and FX handling.
  • Conducting training for staff on regulatory updates.

5. Common KPIs (Key Performance Indicators):

• Accounting:
  • Days to Close Books.
  • Accuracy of Financial Statements.
  • Percentage of Invoices Paid on Time.
• Treasury:
  • Cash Flow Accuracy (% variance from forecast).
  • Liquidity Ratio (Current Assets / Current Liabilities).
  • Average Payment Processing Time.