Accounting Project

To create a comprehensive project fulfilling the requirements for the Finance Manager role at A Ming Global, I’ll outline an actionable framework. This structure will ensure each responsibility is addressed effectively.

Project Title: Comprehensive Financial Operations Framework for A Ming Global

Objective:

Streamline and optimize financial operations to support A Ming Global's growth journey, ensuring smooth cash flow, accurate reporting, compliance, and operational efficiency.

Project Components and Execution Plan

1. Cash Flow Management

Goal: Ensure uninterrupted financial operations by maintaining clear visibility over cash inflows and outflows.
Tasks:

• Develop a cash flow tracking template in Excel or integrate a tool like Xero for automated updates.

• Present weekly cash flow projections, identifying upcoming financial gaps or surpluses.

• Establish a cash reserve policy for contingencies.

Deliverable: Weekly cash flow reports with actionable insights, including visual dashboards created in Power BI.

2. Accounts Receivable Management

Goal: Minimize payment delays from corporate clients.
Tasks:

• Maintain a detailed aging report of receivables using Xero or ERP tools.

• Schedule weekly follow-ups with clients’ AP departments.

• Automate payment reminders via email or invoicing software.

Deliverable: Monthly report on receivable aging and payment status, with specific actions for overdue accounts.

3. PO Financing Management

Goal: Secure timely invoice financing to manage cash flow against enterprise purchase orders.
Tasks:

• Establish partnerships with financing companies.

• Create a process for submitting POs to financing partners.

• Track financed invoices and their repayment schedules.

Deliverable: A streamlined PO financing workflow and a financing tracker updated monthly.

4. KPI Reporting

Goal: Provide actionable insights into financial performance.
Tasks:

• Identify and track key KPIs such as gross margin, operating margin, DSO (Days Sales Outstanding), and DPO (Days Payable Outstanding).

• Use Tableau or Power BI to create interactive dashboards for leadership review.

• Conduct monthly meetings to present KPI insights and recommendations.

Deliverable: Quarterly financial KPI reports with trend analysis and growth recommendations.

5. Insurance Management

Goal: Ensure the organization has appropriate indemnity and other necessary coverage.
Tasks:

• Assess current and potential risks requiring insurance coverage.

• Liaise with insurance providers to obtain and compare policy quotes.

• Maintain an insurance tracker with renewal dates and coverage details.

Deliverable: Comprehensive insurance policy documentation and a risk management report.

6. Payroll Management

Goal: Ensure timely and accurate payment for remote employees.
Tasks:

• Set up payroll processes in compliance with regional laws using tools like ADP or Gusto.

• Track hours, bonuses, and deductions.

• Conduct monthly payroll audits to ensure accuracy.

Deliverable: Monthly payroll summaries and compliance reports.

7. Accounting

Goal: Maintain accurate and compliant financial records.
Tasks:

• Record daily transactions in Xero, ensuring reconciliation with bank statements.

• Collaborate with third-party accountants for tax filings and annual reporting.

• Regularly review financial entries for errors or discrepancies.

Deliverable:

• Monthly financial statements (P&L, Balance Sheet, Cash Flow).

• Annual financial report in collaboration with third-party accountants.

Tools and Technologies:

• Accounting and Payroll: Xero, QuickBooks, ADP/Gusto.

• Data Analysis and Reporting: Tableau, Power BI, Excel.

• ERP Systems: SAP, Microsoft Dynamics.

• Insurance Management: Custom spreadsheets or insurance broker platforms.

• Collaboration and Communication: Slack, Microsoft Teams, email automation tools.

Key Milestones:

1. Month 1: Implement cash flow tracking and AR management processes.

2. Month 2: Establish PO financing workflows and set up KPI dashboards.

3. Month 3: Streamline payroll and finalize insurance coverage.

4. Ongoing: Monthly reporting, annual accounting, and strategic reviews.

Outcome:

A robust financial management system supporting A Ming Global's operational stability, growth, and strategic decision-making.