roles and responsibilities of the cap finance department ......tasks and responsibilities; process...

Roles and Responsibilities of the CAP Finance Department 1

© Wipfli LLP 1

Roles and Responsibilities of the CAP Finance Department

Trainer: Katherine Eilers, CPA, Manager

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2

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Materials/Disclaimer

Please note that these materials are incomplete without the accompanying oral comments by the trainer(s).

These materials are informational and educational in nature and represent the speakers' own views. These materials are for the purchasing agency’s use only and not for distribution outside of the agency or publishing on a public website.

3

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Goals for the session

Help think about what you and fiscal staff should be doing

Address obstacles & provide solutions to consider

Provide an opportunity to plan how to get more done

4


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Do you receive/have these questions or comments?

• Why don’t I have a budget?• Why don’t I have a cash flow statement?• We don’t know our cash position.• Why can’t I get financial information sooner?• Reports have too much or too little detail. • We don’t know when we have new grants until

there is a bill to be paid.• Fiscal procedures change and we don’t know

what they are.• Fiscal does not receive all information needed

Questions or concerns

5

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Your concerns – Worksheet

What is not getting done?

What are you putting off until you have more

time?

What is holding you back from successfully carrying out your job?

6


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Worksheet – What is not getting done?

7

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What are the obstacles?

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Examples of obstacles

• Too many spreadsheets• Several systems or databases• Duplicate (triplicate) data entry

Technology

• Multiple review and approval steps• Time-consuming forms• Too many process steps

Processes

• Who does what?• Is every position working at the correct level?

Task assignment

• It’s what we have always done• Dated documentation (SOPs, P&Ps)Legacy

9

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What must be done?

General responsibilities of Fiscal dept.

Planning & analysis

Manage cash flow

Prepare financial statements

Process transactions

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What must be done?

Chief Financial Officer• Strategic planning• Budgeting• Contract negotiations• Organizing resources• Financial reports• Board needs

Accounting Supervisor• Operational efficiency• Internal control• Policies & procedures• Grant reports• Reviews & approvals

Accountants• Transactional responsibilities• Accounts payable• Payroll• Record cash receipts

11

Typical responsibilities of Fiscal roles

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Worksheet – What are the obstacles?

12


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Obstacles and Solution Options

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Obstacle

• Don’t have a budget. No cash flow information. Don’t know cash position.

Solution Options

• Establish a budget timeline– Start several months prior to due date

• Program & Fiscal must be involved• Start with strategic plan, priorities• Org-wide to monthly cash flow• Change frequency of cash

reconciliation14


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Obstacle

• Managers need real-time information. Level of detail is too much/too little.

Solution Options

• Provide read-only access of accounting system to executive staff and/or managers; access for her/his specific program or department

• Allow managers to determinedetail needed

• Review chart of accounts

15

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Obstacle

• Fiscal staff doesn’t know what’s coming so they aren’t ready for changes.

Solution Options

• Hold regular SHORT meetings– Facilitate flow of information– Gain better understanding of what information is

needed by program and fiscal– Understand limitations of what can

be provided by program and fiscal

• Who should attend?

16


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Obstacle

• While on the topic of meetings…and emails

Solution Options

• Could it have been an email?– Break in productivity

• Set parameters for when emails will be addressed– Certain times of day– DDD – Do, Discard, Delegate– Use Outlook? Create folders

17

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Obstacle

• Senior fiscal managers are performing tasks outside her/his position

Solution Options

• Reassign responsibilities– Start by streamlining the tasks of staff in

other positions so they have capacity– Work up the org chart to streamline and reassign

tasks and responsibilities; process review– This will create capacity at every level so tasks

can be reassigned

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Obstacle

• Senior fiscal managers are performing tasks outside her/his position (cont.)

Solution Options

• Review all tasks performed in the Finance Dept. for appropriateness– Should HR be doing tasks performed by Finance?– Should tasks be done in the

program area?

19

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Obstacle

• Small organizations have few fiscal staff members

Solution Options• The CFO will be more involved in daily

transactions than in a larger organization– Reviews and approvals– Reconciliations and financial

statement preparation

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Obstacle

• Small organizations have few fiscal staff members (cont.)

Solution Options

• Bring other staff into fiscal processes– Receptionist prepares bank deposits; vendor

maintenance– CEO reviews journal entries– Board or Finance Chair review or approve

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Obstacle• Information received by fiscal is incomplete;

increases processing time

Solution Options

• Connect with staff regarding missing info – Internal control; accountability– Consider the non-value add cost

22


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Obstacle• Program staff doesn’t accept new procedures

Solution Options• Training on policy and procedure changes

– Make sure the reason for the change is clear– Provide training information so managers can train

their staff– Provide information in a central location (shared

server, intranet) so it can be referred to as needed by staff

23

Don’t assume that just because you provided training, staff learned it

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Obstacle• Program staff doesn’t accept new procedures

(cont.)

Solution Options

• What is the culture of the organization?• What is unfolding in the organization?• Why is there a resistance to change?• What has the management group allowed?• How has management made sure the staff is

appropriately prepared?

24


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An Age Old Question

What prevents an employee from achieving effective levels of performance?

25

Why don’t employees do what they are supposed to do?!

© Wipfli LLP

Top 5 Responses

They don’t know what they are

supposed to do

They don’t know how to do it

They don’t know why they should

do it

There are obstacles

beyond their control

They don’t think it will work

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Performance Management

• The process of creating and maintaining an environment of accountability (the organization, the manager, and the employee) to enable employees to perform to the best of their abilities.

• A whole system that begins when an individual assumes a position and ends when an individual leaves the organization.

What is performance management?

27

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Let’s look at some examples

Who should do what?


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EXAMPLE #1

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EXAMPLE #2

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Next steps? Your plans for change

Map out tasks (see next slide)

Obstacles-What steps

can you take to begin removing

them?

How will you get started?

31

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Next steps? Mapping

List out main tasks

Determine roles, positions

Assign tasks• Separate

preparation, review, approvals where possible

32


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Worksheet – What are your next steps?

33

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For Information on How We Can Help

Visit the Wipfli Q&A Booth for more details or email

[email protected]

34


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www.wipfli.com/ngp

35

Regulation questionsAudit

ProcessHuman Resource

TechnologyLeadership

Connect with me:

www.linkedin.com/in/katherineeilers

www.facebook.com/WipfliNGP

@KatherineEilers

Bring Wipfli to You:Kate D. Atkins, [email protected]

608.270.2944

My Wipfli – Access to our experts:

www.wipfli.com/mywipfli

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Please be sure to complete the evaluation for this session online,

via the 2019 CAP Annual Convention Event App.

Thanks in Advance for your Cooperation!

EVALUATIONS

The Partnership Wants Your Feedback!

36

Reference Materials

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Reproduction or use of any training materials in this manual, except within a participant’s agency without express written permission is prohibited by copyright law. © Wipfli LLP

Roles and Responsibilities of the

CAP Finance Department

Presented by:

Katherine Eilers, CPA, Manager

Roles and Responsibilities in the Finance Department

Prepared by Wipfli LLP July 2019

Challenges of Getting Things Done in the Finance Department

What is not getting done? Be as specific as possible. Obstacles Next Steps

1.

2.

3.

Rol

es a

nd R

espo

nsib

ilitie

s in

the

Fina

nce

Dep

artm

ent

Pr

epar

ed b

y W

ipfli

LLP

Augu

st 2

019

Exam

ples

of F

inan

ce D

epar

tmen

t Rol

es &

Res

pons

ibili

ties

CEO

(Acc

ount

ing

resp

onsi

bilit

ies)

C

FO

Seni

or A

ccou

ntan

ts

Acc

ount

ing

Staf

f •

Ensu

re e

ffect

ive

inte

rnal

con

trols

ar

e in

pla

ce

• R

evie

w fi

nanc

ial i

nfor

mat

ion

incl

udin

g Bo

ard

and

Prog

ram

re

ports

•

Prov

ide

inpu

t and

revi

ew o

n bu

dget

s •

Rev

iew

and

app

rove

Per

sonn

el

Cha

nge

Form

s an

d ot

her

docu

men

ts a

s re

quire

d by

or

gani

zatio

n po

licy

• En

sure

effe

ctiv

e in

tern

al c

ontro

ls

are

in p

lace

•

Res

pons

ible

for o

vera

ll m

anag

emen

t of:

o

Acco

untin

g o

Fa

cilit

ies

o

Info

rmat

ion

Tech

nolo

gy

o

Proc

urem

ent

• R

evie

w fi

nanc

ial s

tate

men

ts a

nd

budg

ets

• R

evie

w a

nd a

ppro

ve jo

urna

l en

tries

pre

pare

d by

the

Seni

or

Acco

unta

nts

• W

ork

clos

ely

with

the

CEO

and

th

e Pr

ogra

m D

irect

ors

to b

udge

t fo

r spe

cific

pro

gram

s an

d th

e ov

eral

l org

aniz

atio

n •

Mee

t mon

thly

with

Pro

gram

D

irect

ors

to re

view

cur

rent

fin

anci

al re

sults

and

dis

cuss

an

ticip

ated

cha

nges

•

Prep

are

and

pres

ent B

oard

and

Fi

nanc

e C

omm

ittee

repo

rts

• M

anag

e ba

nkin

g re

latio

ns

• M

anag

e in

sura

nce

need

s in

co

njun

ctio

n w

ith th

e H

R D

irect

or

• Pe

rform

on-

goin

g an

alys

is a

nd

fore

cast

ing

• O

vers

ee th

e re

tirem

ent p

lan

audi

t •

Ensu

re e

xter

nal r

epor

ts a

re

timel

y an

d ac

cura

te

• En

sure

effe

ctiv

e in

tern

al c

ontro

ls

are

in p

lace

•

Supe

rvis

e an

d tra

in th

e Ac

coun

ting

Staf

f •

Rev

iew

and

app

rove

tra

nsac

tions

•

Appr

ove

chec

k ru

ns a

nd

disb

urse

men

t of f

unds

•

Appr

ove

bank

tran

sfer

s •

Rev

iew

and

app

rove

re

conc

iliatio

ns p

repa

red

by th

e ac

coun

ting

staf

f •

Back

up

acco

untin

g st

aff d

utie

s as

nee

ded

• R

econ

cile

ban

k ac

coun

ts (o

r ov

erse

e th

e re

conc

iliatio

n pr

oces

s)

• Pr

epar

e, re

view

and

app

rove

jo

urna

l ent

ries

• Pr

epar

e fin

anci

al re

ports

•

Mee

t mon

thly

with

Pro

gram

M

anag

ers

to re

view

cur

rent

fin

anci

al re

sults

and

dis

cuss

an

ticip

ated

cha

nges

•

Wor

k w

ith th

e au

dito

rs o

n th

e an

nual

fina

ncia

l sta

tem

ent/s

ingl

e au

dit

• En

sure

effe

ctiv

e in

tern

al c

ontro

ls

are

in p

lace

•

Perfo

rm d

aily

tran

sact

ion

proc

essi

ng, i

nclu

ding

: o

Ac

coun

ts p

ayab

le e

ntry

o

R

ecor

d ca

sh re

ceip

ts

o

Payr

oll

• R

econ

cile

acc

ount

s pa

yabl

e an

d ac

coun

ts re

ceiv

able

with

su

bsid

iary

ledg

ers

• M

aint

ain

Foun

datio

n ac

coun

ting

reco

rds

• In

itiat

e ba

nk tr

ansf

ers

Rol

es a

nd R

espo

nsib

ilitie

s in

the

Fina

nce

Dep

artm

ent

Pr

epar

ed b

y W

ipfli

LLP

Augu

st 2

019

Exam

ples

of F

inan

ce D

epar

tmen

t Rol

es &

Res

pons

ibili

ties –

Sm

all O

rgan

izat

ion

CEO

and

/or B

oard

Mem

ber

(Acc

ount

ing

resp

onsi

bilit

ies)

A

ccou

ntin

g M

anag

er

Acc

ount

ant /

Boo

kkee

per

Non

-Fis

cal S

taff

• En

sure

effe

ctiv

e in

tern

al c

ontro

ls

are

in p

lace

•

Res

pons

ible

for o

vera

ll m

anag

emen

t of:

o

Faci

litie

s o

In

form

atio

n Te

chno

logy

•

Rev

iew

fina

ncia

l inf

orm

atio

n in

clud

ing

Boar

d an

d Pr

ogra

m

repo

rts

• R

evie

w fi

nanc

ial s

tate

men

ts a

nd

budg

ets

• R

evie

w a

nd a

ppro

ve jo

urna

l en

tries

pre

pare

d by

the

Seni

or

Acco

unta

nts

• M

anag

e ba

nkin

g re

latio

ns

• M

anag

e in

sura

nce

need

s in

co

njun

ctio

n w

ith th

e H

R D

irect

or

• Pr

ovid

e in

put a

nd re

view

on

budg

ets

• R

evie

w a

nd a

ppro

ve P

erso

nnel

C

hang

e Fo

rms

and

othe

r do

cum

ents

as

requ

ired

by

orga

niza

tion

polic

y

• R

evie

w a

nd a

ppro

ve

reco

ncilia

tions

•

Sign

che

cks,

app

rove

EFT

di

sbur

sem

ents

, app

rove

ban

k tra

nsfe

rs

• Pr

epar

e ba

nk d

epos

its

• En

sure

effe

ctiv

e in

tern

al c

ontro

ls

are

in p

lace

•

Res

pons

ible

for o

vera

ll m

anag

emen

t of:

o

Acco

untin

g o

Pr

ocur

emen

t •

Wor

k cl

osel

y w

ith th

e C

EO a

nd

the

Prog

ram

Dire

ctor

s to

bud

get

for s

peci

fic p

rogr

ams

and

the

over

all o

rgan

izat

ion

• Su

perv

ise

and

train

the

Acco

untin

g St

aff

• M

eet m

onth

ly w

ith P

rogr

am

Dire

ctor

s to

revi

ew c

urre

nt

finan

cial

resu

lts a

nd d

iscu

ss

antic

ipat

ed c

hang

es

• Pr

epar

e an

d pr

esen

t Boa

rd a

nd

Fina

nce

Com

mitt

ee re

ports

•

Perfo

rm o

n-go

ing

anal

ysis

and

fo

reca

stin

g •

Appr

ove

chec

k ru

ns a

nd

disb

urse

men

t of f

unds

•

Ove

rsee

the

retir

emen

t pla

n au

dit

• En

sure

ext

erna

l rep

orts

are

tim

ely

and

accu

rate

•

Rev

iew

and

app

rove

tra

nsac

tions

•

Back

up

acco

untin

g st

aff d

utie

s as

nee

ded

• W

ork

with

the

audi

tors

on

the

annu

al fi

nanc

ial s

tate

men

t/sin

gle

audi

t

• En

sure

effe

ctiv

e in

tern

al c

ontro

ls

are

in p

lace

•

Prep

are

and

revi

ew jo

urna

l en

tries

•

Prep

are

finan

cial

repo

rts

• Pe

rform

dai

ly tr

ansa

ctio

n pr

oces

sing

, inc

ludi

ng:

o

Acco

unts

pay

able

ent

ry

o

Rec

ord

cash

rece

ipts

o

Pa

yrol

l •

Mai

ntai

n Fo

unda

tion

acco

untin

g re

cord

s •

Initi

ate

bank

tran

sfer

s •

• En

sure

effe

ctiv

e in

tern

al c

ontro

ls

are

in p

lace

•

Rec

onci

le a

ccou

nts

paya

ble

and

acco

unts

rece

ivab

le w

ith

subs

idia

ry le

dger

s •

Rec

onci

le b

ank

acco

unts

•

Mai

ntai

n ve

ndor

dat

abas

e

Rol

es a

nd R

espo

nsib

ilitie

s in

the

Fina

nce

Dep

artm

ent

Pr

epar

ed b

y W

ipfli

LLP

Augu

st 2

019

Exam

ples

of F

inan

ce D

epar

tmen

t Rol

es &

Res

pons

ibili

ties –

Sm

all O

rgan

izat

ion

CEO

and

/or B

oard

Mem

ber (

Acco

untin

g re

spon

sibi

litie

s)

Acc

ount

ant /

Boo

kkee

per

Non

-Fis

cal S

taff

• En

sure

effe

ctiv

e in

tern

al c

ontro

ls a

re in

pla

ce

• R

espo

nsib

le fo

r ove

rall

man

agem

ent o

f: o

Ac

coun

ting,

incl

udin

g pr

ocur

emen

t o

Fa

cilit

ies

o

Info

rmat

ion

Tech

nolo

gy

• R

evie

w fi

nanc

ial i

nfor

mat

ion

incl

udin

g Bo

ard

and

Prog

ram

repo

rts

• O

vers

ee fi

nanc

ial s

tate

men

t aud

it w

ork

• O

vers

ee th

e re

tirem

ent p

lan

audi

t •

Ove

rsee

oth

er fi

scal

aud

its a

nd m

onito

ring

visi

ts

• R

evie

w fi

nanc

ial s

tate

men

ts

• R

evie

w a

nd a

ppro

ve b

udge

ts

• R

evie

w a

nd a

ppro

ve jo

urna

l ent

ries

• M

anag

e ba

nkin

g re

latio

ns

• M

anag

e in

sura

nce

need

s •

Rev

iew

and

app

rove

Per

sonn

el C

hang

e Fo

rms

and

othe

r doc

umen

ts a

s re

quire

d by

or

gani

zatio

n po

licy

•

Rev

iew

and

app

rove

reco

ncilia

tions

•

Sign

che

cks,

app

rove

EFT

dis

burs

emen

ts,

appr

ove

bank

tran

sfer

s •

Supe

rvis

e an

d tra

in th

e Ac

coun

ting

Staf

f •

Appr

ove

chec

k ru

ns a

nd d

isbu

rsem

ent o

f fu

nds

•

Back

up

acco

untin

g st

aff d

utie

s as

nee

ded

• R

evie

w a

nd a

ppro

ve tr

ansa

ctio

ns

• Pe

rform

on-

goin

g an

alys

is a

nd fo

reca

stin

g •

Rev

iew

ext

erna

l fin

anci

al re

ports

for t

imel

ines

s an

d ac

cura

cy

• En

sure

effe

ctiv

e in

tern

al c

ontro

ls a

re in

pla

ce

• Pr

epar

e an

d re

view

jour

nal e

ntrie

s •

Prep

are

finan

cial

repo

rts

• Pe

rform

dai

ly tr

ansa

ctio

n pr

oces

sing

, in

clud

ing:

o

Ac

coun

ts p

ayab

le e

ntry

o

R

ecor

d ca

sh re

ceip

ts

o

Payr

oll

• Pr

epar

e ba

nk d

epos

its

• In

itiat

e ba

nk tr

ansf

ers

• W

ork

clos

ely

with

the

CEO

and

the

Prog

ram

D

irect

ors

to b

udge

t for

spe

cific

pro

gram

s an

d th

e ov

eral

l org

aniz

atio

n •

Mee

t mon

thly

with

Pro

gram

Dire

ctor

s to

re

view

cur

rent

fina

ncia

l res

ults

and

dis

cuss

an

ticip

ated

cha

nges

•

Wor

k w

ith th

e au

dito

rs o

n th

e an

nual

fina

ncia

l st

atem

ent/s

ingl

e au

dit

• W

ork

with

oth

er fi

scal

aud

itors

and

mon

itors

to

prov

ide

info

rmat

ion

as n

eede

d •

Prep

are

exte

rnal

fina

ncia

l rep

orts

• En

sure

effe

ctiv

e in

tern

al c

ontro

ls a

re in

pla

ce

• R

econ

cile

acc

ount

s pa

yabl

e an

d ac

coun

ts

rece

ivab

le w

ith s

ubsi

diar

y le

dger

s •

Rec

onci

le b

ank

acco

unts

•

Mai

ntai

n ve

ndor

dat

abas

e •

Gen

erat

e fin

anci

al re

ports

from

sys

tem

for

CEO

and

Boa

rd

• Ba

ck u

p ac

coun

ting

staf

f dut

ies

as a

ppro

pria

te

• Pr

oces

s/pr

epar

e ac

coun

ts p

ayab

le in

form

atio

n fo

r pay

men

t

roles and responsibilities of the cap finance department ......tasks and responsibilities; process...

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