Functional Area Plan: Accounting and Finance

Member of Team D: Havacup

Part 1: Accounting and Finance Manager Composition

The Accounting and Finance Functional Area’s goal is to provide Havacup’s Executive Leadership and supporting Functional Area’s with timely and accurate financial information, strategic advice, and advocating the high level of integrity and ethics that is at the core of Havacup’s values. Having accurate and up-to-date financial information is critical to making smart decisions. Accounting and Finance will focus on Havacup’s revenues, expenses and budgets. A comprehensive plan will be created, supporting Havacup’s business model and ensuring finances are available for future expansion. Accurate records for accounts payable, receivable, collections, inventory, fixed assess and payroll will be maintained. Timely reports distributed will provide Executive Leadership and supporting Functional Areas financial data used to validate the company’s financial position and to identify areas where changes must occur in order to run the business more efficiently and cost effectively.
Accounting and Finance Partnering
The Accounting and Finance Functional Area will partner with Operations and Production to create a reasonable production budget aligned with projected sales, production and staffing numbers. More inventory will be purchased and on-hand; accounts payable will increase and will need to be paid timely. Inventory management will be critical to accurate financial reporting. Consideration for additional shifts and equipment maintenance will be put in place. Capital expenditures for additional equipment will be properly planned
The Accounting and Finance Functional Area will partner with Human Resources in budgeting 20% increase in staffing each year through year 5. New hire training and TQM Training (Total Quality Management)