Accounting SIG

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09/07/2024 20:51:18 alexeusgr@gmail.com Aleksei Seregin Accounting SIG

Currently, Intersect Groups face challenges in managing their finances: financial reporting, budgeting, compliance with laws and regulations. Each of the groups planning funding 2025 onwards needs to provide accounting documentation but the skills and knowledge required for such work are not in the scope of the groups themselves. This is hindering the groups ability to function. Furthermore, the Grant Team carries these functions for the SIGs and WGs only to a very limited extent. This will lead to inefficient use of resources, and an increased risk of financial errors and fraud. To address these pressing issues, the Accounting Service Group may be formed. It's members will be liasons between the SIGs and the Budget Committee. It will consult SIGs and projects on financial management, ensuring accurate and timely financial reporting, robust budgeting and forecasting, and strict compliance with laws and regulations. By doing so, the group will reduce bottlenecks in communications regarding resource allocation, ultimately strengthening the organization's financial foundation and enhancing its reputation among members.The purpose of the group is to be a gathering point for Intersect members with interests in Accounting and Budgeting.

The ASG will provide financial training and support, prepare financial reports, advise on financial record-keeping, assist with budgeting and forecasting, provide financial analysis and planning, ensure compliance, coordinate audits, and develop financial policies and guidelines. Reduce bottlenecks in communication regarding resource allocation Strengthen the organization's financial foundation Enhance its reputation among members Provide a gathering point for Intersect members with interests in Accounting and Budgeting* Ensure accurate and timely financial reporting, robust budgeting and forecasting, and strict compliance with laws and regulations.

The Accounting Service Group (ASG) will achieve its purpose and output by:

1. Providing financial training and support to other departments and staff members, ensuring they understand financial concepts and can make informed decisions.
2. Serving as a liaison between the SIGs and the Budget Committee, ensuring effective communication and collaboration.
3. Preparing and presenting financial reports to the Committees, board of directors, and members, providing a transparent view of the organization's financial performance.
4. Advising other groups on maintaining accurate and up-to-date financial records, including accounts payable, accounts receivable, payroll, and general ledger management.
5. Assisting in preparing budgets and forecasts, helping the organization to make informed financial decisions and allocate resources effectively.
6. Providing financial analysis and planning support to help the organization achieve its strategic objectives, including identifying areas for cost savings and improving financial efficiency.
7. Ensuring compliance with relevant laws, regulations, and standards, such as tax laws, financial reporting requirements, and internal controls.
8. Coordinating with external auditors to ensure a smooth audit process, providing necessary financial information and supporting the organization's financial statements.
9. Developing and maintaining financial policies, procedures, and guidelines to ensure consistency and best practices in financial management.

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Discord group set up

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https://discord.com/channels/1136727663583698984/1276653493889011826