Functional area Plan: Accounting and Finance
By: Odessa Williams
Member of: Blue Team
Accounting and Finance Manager Composition
The Accounting and Finance department will serve the Zilack Corporation’s financial and accounting needs while creating a future business plan that will lay a solid foundation for future success. The Accounting and Finance department will develop supports that will enable the Zilack Corporation to adapt to the growth and changes of the business while continuing to adhere to the code of ethics (Mateevich, 2007).
The Accounting and Finance department will achieve a profitable 100% growth margin one year. The accounting and finance department will initially conduct an accurate and timely financial report, analysis to determine the company’s capabilities in accomplishing this task. Quarterly meetings will be held to review data and review growth progression and to correct any financial variances. Unsustainable growth often results in bankruptcy when cash earnings are compromised. Should quarterly meetings indicate that growth is becoming unsustainable, the accounting and finance manager will begin to seek alternative funding sources beginning with outstanding account receivables.
As Zilack Corporation continues to grow so, will their account receivables. The accounting and finance department will implement a more efficient procedure to track and obtain account receivables timely, in an effort to manage the additional revenue growth and expedite payment from retailers. Outstanding receivables are unpaid cash that can be utilized to fund more product, business, revenue and assets
Accounting and finance will collaborate with various functional areas’ to determine expenditures relating to the increased production and create an annual budget to allocate cost and expenditures for each area.
A break-even analysis will be conducted in conjunction with the marketing and operations and production department as part of the...