Ensuring Essential Services - Finance Process Management

Published: Tuesday, 7 April 2020 at 3:03:31 PM

Business continuity plans for local government authorities include a number of critical services such as managing Accounts Payable (AP) and Accounts Receivable (AR). 

At this time, Councils may require operational support with their daily, monthly or annual financial processes to ensure the responsible management of their services and facilities.

Finance Process Management

IT Vision's secure financial services will ensure your processes and reporting are of industry standard as well as:

  • Reduce the need for additional training
  • Optimise your systems
  • Ensure consistent and accurate administration

Finance Services include:

Daily Processes

  • Bank Reconciliation
  • Processing of (Non in-Person) Receipts (e.g. Payment Gateway, Direct Deposits, etc.)
  • Processing of Accounts Payable (Creditors)

End of Month Processes

  • Reconciliation of Subsidiary Ledgers (Creditors, Debtors, Plant, etc)
  • Processing/Reconciliation of Reserve Transactions
  • Processing/Reconciliation of Trust Transactions
  • Processing/Reconciliation of Stock/Stores
  • Processing and Reconciliation of Fixed Assets
  • Processing of Activity Based Distribution transactions
  • Reconciliation and Preparation of data for BAS Statement (GST/PAYG component only)
  • Prepare Monthly Financial Reports for Councils

Annual Processes

  • Preparation/Processing of Accrual Journals
  • Preparation of Annual Financial Statements
  • Import of Budget Data
  • Preparation of Budget Statements
  • Budget Review – Supporting Data Only

IT Vision’s finance services are provided by experienced SynergySoft staff who have established relationships with local governments. By outsourcing your financial services your staff can focus on other priorities within the Council, safe in the knowledge that financial processes are being managed securely and efficiently.

Please contact your Account Manager or sales@itvison.com.au to learn more about how we can support you. 

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