However, the Finance Department is responsible for planning and budgeting and implementing all lines being given by the organization’s top management level.Thedepartment that controls money is the finance department. Thedepartment is known for planning, budgeting, organizing, auditing, accounting and for controlling of the company’s finances. However, identifying potential benefits of centralization of the finance department is critical to understand.
Moreover, the finance department is manages, and controls money because the internal control for an organization is crucialbefore leakage of money. So, the internal control refers to the controlling the leakage of money in the organization. The money could only be traced and controlled if the company knows what its cash inflows are, and what its cash outflows in the organization, similarly, where and how money was expensed.
Similarly, when the company comes to know what are their inflows, and outflows, then it helps to overcome the problems being experienced by the company as awhole. Therefore, the centralized system would collect all the finance information form the company that would include the book building, and recordkeeping, and planning budgets, and implementing the budget as well. Similarly, there would be check and balance in the department.
The centralization of the finance department would also save the costs, enable thecompany to manage its finances more effectively from one place rather than from different departments independently, which incur extra costs, no check and balance or cross check, and no proper documentation. However, the increasing complexities in the accounting and finances would also be dealt effectively so that the organization grows towards its vision and mission.
Moreover, the implementation of the centralization process includes acollection of information about the company’s inflows and outflows becausethedepartment has to collect the information what departments have expenses, what the company is earning. Similarly, when department has collected all information about the company’s inflows, and outflows then the implementation of the book building and recording keeping could be executed. Furthermore, the planning and budgeting would be the next step into implementation along with the monitoring of the system.
In addition, the implementation of the centralized administrative services of thefinance department is sensitive to implement, because, the financedepartment is thebackbone of the organization regarding managing thewealth of company, which could give competitive advantages over the competitors in the market. It would also help the organizationto cut unnecessary costs.
The project would havetime duration of 120 days to implement the centralized system in the organization. Similarly, two departments need to be centralized one; Finance and second is HR. However, both have their structure and possible steps. Therefore, in order to get anoverview of a sample work breakdown in the both departments that give anoverview of possible steps in the planning process. The project management has milestones, and phases from initial to the implementation.
The project goes through various stages until implementation. Similarly, our work breakdown structure also has multiple steps in the company.Therefore, in order to get anoverview of those steps take a look in appendices at the taken snapshots of the work breakdown structure along with the milestones, and project duration as well, our project has the initial four phases…………………….
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