Financial Manual

Vision

To create a generation of sustainable learners from womb to tomb.

Mission

Gather Vital Metrics, Analyse and Direct the next generation of children from the womb till graduation by mapping each individual’s passion vs ability and skill.

Strategy

• Analysing problem on skill Gap.
• Linking together passion Vs. Ability and Skills

Key Responsibilities

Director of Finance and Marketing

• Overseeing IT & Finance and Creative Creation & Promotion
• Evaluate project proposals and change requests and make necessary recommendations for approval or rejection of proposals.
• Implement established policies and procedures
• Provide leadership to the Board’s Finance and Accounting strategy, to optimise the company’s financial performance and strategic position.
• Plan and develop finances working with
• Revise working capital / Cash flow requirements regularly.
• Provide financials analysis and reporting to management to ensure the costs are controlled and profits maintained.
• Development and implementation of the brand strategy
• Developing marketing strategies for new and existing projects.
• Provide the planning and leadership to the Marketing Department by ensuring that the appropriate structures, systems, competencies and values are developed in order to meet and exceed the goals of the Marketing plan
• Undertake continuous analysis of competitive environment and consumer trends
• Organise and direct marketing and strategy meetings on a regular basis whereby the strategy and promotion programmes are reviewed.
• Responsible for performance appraisal of marketing and sales managers and for providing training and development opportunities including a national sales and management training programme.
• Assist the Managing Director in establishing pricing policies.

 

CHART OF ACCOUNTS

1. Assets

• Cash Accounts Checking account balance, Currency, coins, Cheques received from customers but not yet deposited.
• Receivable Accounts Amount owned by the company for service performed but not yet paid for.
• Land Cost to acquire and prepare land for use by the company.
• Building Cost to purchase or construct buildings for use of the company.
• Furniture & Equipment Cost to acquire for use by the company
• Other Assets

 

2. Liabilities

• Current Accounts Payable- Amount owned to suppliers who provided goods and services to the company but did not require immediate payment in cash.
• Notes Payable- The amount of principal due on a formal written promise to pay loans from banks are included in this account.
• Taxes Payable- Taxes that must be paid to the government within one year. It is calculated according to the prevailing tax laws in India.
• Accrued Liabilities- An expense that a business has incurred but has not yet paid.
• Mortgages and Notes Payable-A formal loan that involves a lien on real estate until the loan is repaid.

 

3. Expenses

• Salary Expenses- Expenses incurred for the work performed by salaried employees during the accounting period. These employees normally receive a fixed amount on a monthly basis.
• Rent Expenses-Cost of occupying rented facilities during financial year.
• Depreciation Expenses-Cost of long term assets allocated to expense during the current accounting period.
• Advertising Expenses-Cost incurred by the company during the accounting period for Ads, Promotions and other selling and Expenses.
• Telephone Expenses-Cost of telephone used during the current accounting period.

Specific Financial procedures

Strategies to make good payment Procedures

• All payments should be authorised by the Finance Director. When an invoice is received, it should be matched with the purchased order and checked for calculations and depending on the correctness, a payment voucher will be raised.  The Finance Manager should ensure that all procedures and checks have been followed and all supporting documents attached before a payment voucher is sent to the Finance Director for final authorisation.
• Before any payment is made, the Senior Finance Officer must ensure that there are sufficient funds in the bank account.
• Payments should be posted promptly to the cash book and to the general ledger.
• Paid vouchers represent an essential means of supporting and explaining a payment as well as evidence that the necessary approval was given and procedures followed before making a payment and that voucher number and order are available for future reference.

 

There are two types of paid voucher, as follows:

• Fully acquitted – These vouchers have all the necessary supporting documents; and
• Not adequately acquitted – The vouchers which lack some of the necessary supporting documents mentioned above. They should be kept and filed separately from the fully acquitted vouchers and reviewed frequently to ensure that, in due course, all are fully acquitted and filed.

 

Online Transaction – For Approval

• Below 10,000 – Approval by Ms Neeta, Project Lead
• Above 10,000– Mr Arun Fernandez and Ms Neeta to Authorize

Cheque Issuing

Cheques should not be written until the payment voucher has been authorised.  The cheque should be entered in the cashbook at the time that it is drawn.

The cheque should not be drawn unless the cash book indicates that funds are available to meet it.  It is illegal to make payments if funds are not available.

After the cheques have been signed, they should be entered in the cheque register which is maintained in cheque number order with columns, showing the name of the payee, the amount, date drawn, name and signature of person collecting it.

The drawn cheque should be sent for signing with the payment voucher and the supporting documents.

Monthly financial report

The monthly financial reports will cover transactions on a period basis starting on the first day and ending on the last day of each reporting period.

The monthly financial reports currently include:

1. cash book
2. budget summary
3. expenditure summary
4. bank reconciliations

 

Budget Approval Policy

The Board of Directors is responsible for guiding the budget process and for approval of the annual budget. The Finance Director and Finance Manager will be responsible for preparing the proposed budget. The budgets will provide a financial overview for the organization on a line-by-line analysis.

Budget Summary

The budgeting process will begin in February for the following fiscal year.  This will allow Two months of results to be used in planning the budget.

Each business unit budget documents will be submitted to the Finance team for consolidation into an overall Project budget.  The Finance Director and Finance Manager will then review this to determine if there are any obvious areas which may need to be reworked.  The collated budget will be submitted to the Board for review and feedback.

Cash Book

Shows the dates, all the cheques in chronological order including cancelled cheques, bank transfers, details of payment, amount of each receipt and payments, running bank balance and extended columns for posting these amounts according to the budget line

Bank reconciliations

Three days after the bank statements are received, the Finance team assigned to specific projects will finalise the accounts, do the bank reconciliation and submit the bank reconciliations for checking and signing off.

Expenditure summary

Within five working days after the end of each month, Business Unit Heads assigned to specific projects shall submit an expenditure summary to the Finance team who will review them within 48 hours after which the specific Bookkeeper will submit the reports to the Business Unit Heads and hold discussions with them to make sure they understand it and also to look at any expenditures that are likely to overrun the budget limit and to look at activities where there has been no or low expenditure which can be an indicator that certain budgeted activities are not being carried out.

Travel and Subsistence

All staff members requiring travel should complete a Travel Request Form and it should be duly approved by the supervising officers and authorized by the Finance Director. The Finance Director will also authorize regional and international travel. The traveller is responsible for completing a Travel Request Form, specifying reasons for the travel.

            

DEFINITION OF TERMS

Domestic Travel

Domestic travel as travel within India.

Local Travel

Local travel is travel performed within 100 Kilometers (100) of the primary place of     

employment.

Travel Cost
Travel cost includes transportation, lodging, meals, and related items incurred by   

 employees who are on Official company business.

 

Travel Reimbursements.

An Employee using the company’s vehicle shall not be given any fuel allowance. The                                                                      

company shall bear costs of fuel (Subject to an approved limit) and maintenance for the vehicle shall be kept at the office premises after office hours. Entitlement of mode and class of traveling to various categories employees to different places will be issued by the Management through separate circulars from time to time.           

 

 

RECEIPTS

 

Appropriate vouchers/receipts/documentation includes:

• Business purpose:
  • Written explanation of business purpose or conference/itinerary or schedule of events
• Transportation: (Original receipt required)
  • Air
  • Rail
  • Rental Car
  • Other Ground Transportation
• Lodging:
  • Hotel-Original bill/receipt (detailing all expenses)

 

LOCAL CONVEYANCE / PETROL REIMBURSEMENT

In case of Local travel towards official purpose, the company may reimburse actual conveyance expenses limited to their entitlement, by the admissible mode of transport. Refer Travel Policy Break-up for eligibility. Approval is based on management discretion.

PROCESS / GUIDELINE:

 

Following process needs to be followed for any Claim of Local Conveyance / Petrol Reimbursement-

 

It is advisable to claim the reimbursement once in a month i.e. claim for the total month at the end of the month. 

 

A Cash Voucher duly filled and approved by the Departmental Head and enclosed with all necessary vouchers needs to be submitted to Accounts Department.

 

Accounts Department needs to validate the claim based on the Policy & Entitlement of the Employee and should process the same.

 

Any anomaly should be reported to Admin Head

 

 

According to the cadre-

CATEGORY	City Type	MD/Director	Chief Advisors/ Business Unit Managers	Networking Managers	Relationship Managers
AIR		BUSINESS CLASS	ECONOMY CLASS	N/A	N/A
TRAIN		AC 1st CLASS	AC 2 TIER CLASS	N/A	N/A
MODE OF CONVEYANCE		TAXI / RENTAL CAR	TAXI / RENTAL CAR	N/A	N/A
HOTEL		5 STAR	3 STAR	N/A	N/A
LODGING (Outstation)/ FOODING, CONVEYANCE	A	5000	2500	N/A	N/A
	B	4000	2000	N/A	N/A
	C	4000	2000	N/A	N/A
PETROL REIMBURSEMENT / CONVEYANCE (Outstation)		ON ACTUALS	ON ACTUALS	Bike – 2 per Km Car – 4 Per Km	N/A

    

 

 

 

 

 

 

 

Blink Foundation
TRAVEL REQUEST FORM
All Requests will be cleared at the end of the month
Section I : Project Information
Project Name :							Request Date:
Project Head :
Section II : Travellers Information
Employee Name :
Employee ID:
Designation:
Phone Number:
Mail Address:
Section III : Travel Information
Depature Point	Client’s Name				Distance			Arrival date
Destination I
Destination II
Destination III
Destination IV
Trip Purpose : Please provide a detailed description of the purpose of the trip and attach copies of official appointments, Lists of meetings, ETC.

 

Depreciation

Depreciation is normally calculated on a straight-line basis to write off the cost or valuation of fixed assets over the expected useful lives at annual rates. e.g.

Buildings                               – 10%

Furniture & Fittings,             – 10%

Communication Equipment -12.77%

Full depreciation will be charged in the year of acquisition and no depreciation will be charged in the year of disposal.

 

Computer Authorization and Back up

The accounting computer and software will have access controlled by passwords.  The Finance Director will control the master password.  The Finance Team will be given a complete system password and will control which other personnel will be given passwords.

The accounting computer will be backed up regularly. The Finance team is responsible for carrying out this backup.

The Finance team is responsible for maintaining the disaster recovery plan for the accounting software and for periodically testing the plan.

 

Password

The Finance Team will maintain a record of all authorized users and the level of  password access each user has.  Passwords will be changed once in Two months.

 

Maintenance of Accounting Policies and Procedure Manual

Each year the Finance Manager will review the manual and formulate proposed changes.  This update will be completed no later than March of each year.  All changes must be approved in writing by the Finance Director.  If the Finance Manager has no proposed changes, a memo to that effect must be approved by the Finance Director.

Whenever changes to the accounting procedures are made, a review of the accounting policies and procedures manual will be made by the Finance Manager to determine if a revision is required.  Any minor revisions to the manual which are not reflected in the manual immediately should be kept on file to incorporate into the formal annual update. The revised manual will be distributed to the Finance team.