monthly report july, 2009 accounting, finance and investment
DESCRIPTION
MONTHLY REPORT July, 2009 Accounting, Finance and Investment. Overview. A ctivities/Achievements of current month and Plans for next month. Revenue/expense analysis. Introduction of Budget performance system. A ctivities , Achievements and Plans. A ctivities/Achievements/Plans Accounting. - PowerPoint PPT PresentationTRANSCRIPT
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MONTHLY REPORT July, 2009MONTHLY REPORT July, 2009Accounting, Finance and InvestmentAccounting, Finance and Investment
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Overview
Activities/Achievements of current month and Plans for next month
Revenue/expense analysis
Introduction of Budget performance system
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Activities , Achievements and Plans
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Activities/Achievements/PlansAccountingAccounting
Worked with external audit (Ernst & Young) on the half-year financial reports (both Vietnamese and Chinese GAAP standard)
Launched on the budget performance system. A short training had been conducted to all departments to introduce this system.
Plans To finalize the company payment guideline
and to arrange a presentation to all departments at mid of August, 2009.
To kick-off the 2010 budget, starting at mid of August, 2009
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Activities/Achievements/PlansFinanceFinance
Produced the monthly report of VAT, PIT, Produced the monthly report of VAT, PIT, Withholding tax and Profit & Loss’s tax Withholding tax and Profit & Loss’s tax report of the 2report of the 2ndnd quarter operation. quarter operation.
Worked with Tax Department on buying the Worked with Tax Department on buying the service invoice and providing of Certificate service invoice and providing of Certificate of income tax withhold.of income tax withhold.
PIT updated : PIT updated : Letter 40/TCT-VP dated 29 Letter 40/TCT-VP dated 29 June, 2009 - June, 2009 - Extend submitting the Extend submitting the registration of dependent and relevant registration of dependent and relevant documents to 31 Dec, 2009documents to 31 Dec, 2009
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Activities/Achievements/PlansFinance (Cont.)Finance (Cont.)
Agent PIT updated : Agent PIT updated : Official Official Correspondence 2965/TCT dated 20 July, Correspondence 2965/TCT dated 20 July, 20092009 ––
• Insurance agents must register tax code in Insurance agents must register tax code in 2009.2009.
• The Certificate of income tax withhold will The Certificate of income tax withhold will be issued one time a year at year end. In be issued one time a year at year end. In case of agent resignation, the income tax case of agent resignation, the income tax information would be declared for their information would be declared for their working period.working period.
• Company must deliver this certificate as Company must deliver this certificate as agent’s request. It is used for personal tax agent’s request. It is used for personal tax return or tax refund purpose only.return or tax refund purpose only.
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Activities/Achievements/PlansInvestmentInvestment
Following up international and domestic bond market, including economic indicators and bond trading activities.
Gathered fund management company (FMC)-related information and reported to headquarter.
Completed all the procedures of switching custodian bank from HSBC to IVB.
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Activities/Achievements/PlansInvestment (Cont.) Investment (Cont.)
Plans
Keep following the macro economy and bond market.
Assess all kinds of investment instruments for coupon re-investment in August, 2009.
Prepare investment cash inflow projection chart to avoid cash flow mismatch.
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Overview
Revenue / expense analysis
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Financial reportsRevenue and expense in 2009Revenue and expense in 2009
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5,000
10,000
15,000
20,000
25,000
J an Feb Mar Apr May J un
P remium Invest Inc Expense
14,55414,554
10,60910,609
17,46317,463
14,33714,337
19,33919,339
12,91512,915
11,26411,264
13,42413,42412,97012,970
14,07614,076 13,99913,99914,99014,990
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Financial reportsRevenue and expense (Q3/08 – Q2/09)Revenue and expense (Q3/08 – Q2/09)
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5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
Q3/08 Q4/08 Q1/2009 Q2/09
P remium Invest Inc Expense
26,04926,04923,96823,968
42,88242,882 42,50342,503 44,93244,932
41,21241,212 40,57340,57343,57343,573
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Financial reportsExpense performances Expense performances
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2,000
4,000
6,000
8,000
10,000
12,000
Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun
Actual Budget Actual Budget
Sale expensesSale expenses Administration expensesAdministration expenses
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Overview
Introduction of Budget performance system
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Introduction ofBudget performance system
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Introduction ofBudget performance system
An ongoing budgetary control instrument, to provide information on expenditure transactions through monthly reports and daily online access.
Produce expense analyses and budgetary data to individual department at anytime.
Show any variance (over or under) between the amounts budgeted and expended.
Support departmental budget controller in ensuring that over-expenditures is not going to occur.
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Introduction ofBudget performance system
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Introduction ofBudget performance system
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Introduction ofBudget performance system
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Introduction ofBudget performance system
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Introduction ofBudget performance system
BUDGET PERFORMANCE Department : Month : Budget checker : Reviewer : Report date : (This form will be send to Accounting by 15 ………………… for reviewing before submitting BOD on 16………………………)
A- BUDGET PERFORMANCE COMMENTARY
MONTH 1- OVER BUDGET 2- UNDER BUDGET
YEAR TO DATE 1- OVER BUDGET 2- UNDER BUDGET
B- SUGGESTION FOR IMPROVEMENT
Expense type
Suggestion
Note: (1) Figurer used in this form in million dong. Example [ 2,110] stands for 211 million dong (2) Budget variance greater than 20 mil monthly or 50 mil year to date is a must for
commentary and suggestion for improvement.
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Introduction ofBudget performance system
Departmental budget controller is able to track down the actual expenses for verifying from the system.
The commentaries on variance of actual against budget and the departmental suggestions must be reverted to Accounting on 15th at the latest.
Quarterly, Accounting to highlight the key variances of the last quarter to BOD.
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