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SOP

The document lists 27 standard operating procedures related to finance functions of a business, including procedures for receiving and entering bills, payroll, taxes, insurance, asset management, and accounting metrics. It provides an overview of the importance of accounting in running a business by tracking finances, ensuring compliance, and providing financial information to stakeholders. It also briefly discusses some historical accounting scandals in the US and India that highlighted the need for reforms and oversight of accounting practices.

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Selenge Daaduu
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395 views2 pages

SOP

The document lists 27 standard operating procedures related to finance functions of a business, including procedures for receiving and entering bills, payroll, taxes, insurance, asset management, and accounting metrics. It provides an overview of the importance of accounting in running a business by tracking finances, ensuring compliance, and providing financial information to stakeholders. It also briefly discusses some historical accounting scandals in the US and India that highlighted the need for reforms and oversight of accounting practices.

Uploaded by

Selenge Daaduu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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SOP-FN-01 : Receipt of Bills

SOP-FN-02 : Entry of Bill in the Books of Accounts


SOP-FN-03 : Preparation of Approval note for payment
SOP-FN-04 : Issue of Cheques
SOP-FN-05 : Dispatch of Cheques
SOP-FN-06 : Cash Payments
SOP-FN-07 : Payroll
SOP-FN-08 : Staff Advances & Loan
SOP-FN-09 : Fixed Asset Register
SOP-FN-10 : TDS
SOP-FN-11 : Service Tax
SOP-FN-12 : ESIC
SOP-FN-13 : PF
SOP-FN-14 : Employee Insurance
SOP-FN-15 : Bank Payment
SOP-FN-16 : Tours & Travel Statements
SOP-FN-17 : Compliance of Audit Queries
SOP-FN-18 : Cash payments and Journal Vouchers
SOP-FN-19 : Responsibilities of Finance Manager
SOP-FN-20 : Responsibilities of Accounts Officer
SOP-FN-21 : Responsibilities of Accountant / Cashier
SOP-FN-22 : Value Added Tax
SOP-FN-23 : Insurance Requirements
SOP-FN-24 : Various Governing Acts
SOP-FN-25 : Intellectual Property Rights
SOP-FN-26 : Cost Reduction Initiatives
SOP-FN-27 : Professional Tax
SOP-FN-28 : Asset Management
SOP-FN-29 : Accounting Metrics

Accounting plays a vital role in running a business because it helps you track income
and expenditures, ensure statutory compliance, and provide investors, management,
and government with quantitative financial information which can be used in making
business decisions. The primary role of accounting is to maintain a systematic, accurate
and complete record of all financial transactions of a business. These records are the
backbone of the accounting system. Business owners should be able to retrieve and
review the transactions whenever required. Business owners need to plan how they
allocate their limited resources including labor, machinery, equipment and cash towards
accomplishing the objectives of the business. An important component of business
management, budgeting and planning enable businesses to plan ahead by anticipating
the needs and resources. This helps in the coordination of different segments of an
organization.
Early 2000 witnessed a series of accounting frauds in the United States involving major
companies like Enron, WorldCom and some other entities and Auditing firm Arthur
Andersen. In these cases, independent auditor failed to report illegal accounting
practices. Such accounting fraud and scandals resulted in the fall of Arthur Andersen.
Post such scandal Sarbanes and Oxley Act was introduced in the United States of
America. This act requires top management of an enterprise to certify the correctness of
financial statements, auditor’s independence and formation of the Public Company
Accounting Oversight Board (PCAOB) among other things.
Similar accounting fraud was witnessed in India in January 2008 when Satyam
Computer Managing Director publicly accepted that he along with top management and
independent auditors had fudged books of accounts of the company over several years.

1. SOP-ACCT-01 : Role of Accounts


2. SOP-ACCT-02 : Accounts Organizational Structure
3. SOP-ACCT-03 : Accounting Metrics
4. SOP-ACCT-04 : Salary Processing
5. SOP-ACCT-05 : Various Governing Acts
6. SOP-ACCT-06 : Provident Fund
7. SOP-ACCT-07 : Employee State Insurance
8. SOP-ACCT-08 : Insurance Requirements
9. SOP-ACCT-09 : Intellectual Property Rights
10. SOP-ACCT-10 : Asset Management
11. SOP-ACCT-11 : Cost Reduction Initiatives
12. SOP-ACCT-12 : Service Tax Procedures
13. SOP-ACCT-13 : TDS procedure
14. SOP-ACCT-14 : Professional Tax
15. SOP-ACCT-15 : Value Added Tax
16. SOP-ACCT-16 : Luxury Tax
17. SOP-ACCT-17 : Registration

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