JOB DESCRIPTION: Chief Financial Officer (CFO)
JOB DESCRIPTION: Accounts Receivable
JOB DESCRIPTION: Branch Banker
*All Accounting Employees generally work on the same thing, at the same time*
Beginning of the Year Tasks
- Create a company bank account
- Help every student create their own account
- Determine wages, amount of expenses paid each month for company and individuals
- Add everyone to a list of payees
- Create spreadsheet
- Find out costs/ estimate for startup
- Costs of inventory, etc.
Most of the time, the accounting department has a lot of free time afterward, which leaves them with time to compete in extra competitions that may be available. In our department this year, the Branch Banker and Accounts Receivable employees work on:
- Global Business Challenge: In the Global Business Challenge, students from different companies come together and solve a challenge that is faced in a typical work environment. They are given a prompt a few weeks before the competition, which they are supposed to study before entering the competition.
Elevator Pitch: In the Elevator pitch, an employee “pitches” their company in under 70 seconds, by explaining what their company is.
The Accounts Receivable
The Accounts Receivable’s job is to process all company invoices through our accounting program; Makes receipt of customer payments; Follows up on outstanding invoices; Creates and reports at the end of each month, the status of accounts receivable; Resolves any incorrect customer payments. Before and in-between Tradeshows, Accounts Receivable helps the VP and the C.F.O. with the Accounting Documents for the Business Plan. If there is a lull in productivity, you can learn more about Accounting on janetbelch.com through the Accounting Training on the left side. They are very helpful with the Accounts Receivable duties, as well as Accounting documents such as the Balance Sheet and Income Statements. Also, they can give you more knowledge to use if you return next year and want to go for a higher position. After each Tradeshow, the Accounts Receivable collects all invoices and inputs them into a spreadsheet. Make sure you input the correct email addresses because if it is incorrect, you can’t send the customer the invoice. After the spreadsheet is complete, you send the customers emails reminding them of how much they owe. You work with the Branch Banker to record who has paid. Finally, continue to follow-up with the customer to ensure that they pay. If they don’t pay, we don’t get money, which is detrimental to the company’s image. Also, Judges will see if we do not get paid because they see our Bank Statements in the Business Plan. Skills needed:
- Highly motivated
- Excellent attitude
- Ability to work in a team environment
- Good math skills
- High attention to detail
- Willingness and ability to handle multiple tasks with deadlines that are of high and low skill levels
- Proficient in Microsoft Office programs and email
- Proficient with Google Docs
Description: Establishes and manages the company bank accounts through CA US Network Bank. Responsible for the payment of all company expenses. Processes all company and employee payments to verify clearance through US Network Bank. Communicates with the Accounting Department concerning US Network Bank processing discrepancies. The Branch Banker position is one of the most vital jobs in the Virtual Enterprise. This document will try to describe the duties and responsibilities of that position. Listed below are the primary jobs required of the branch banker. ¨ Establish company bank account ¨ Maintain records of company payments ¨ Responsible party for company payments ¨ Establishes individual customer accounts ¨ Maintains records of individual customer payments ¨ Responsible party for collections of past due accounts ¨ Reports individual customer delinquency ¨ Communicates regularly with other branch bankers on financial matters ¨ Communicates regularly with central office on overdue account matters ¨ Serves as watchdog over his financial institution rating
Beginning of the year – At the beginning of the year, the Branch Banker is responsible for setting up the company bank account. Information on setting up the company and individual accounts can be found of the Janet Belch PowerPoint. A payroll sheet needs to be established for the company. This is done by downloading the template from janetbelch.com and filling in the names and positions of everyone in the class. Yearly and monthly salaries have already been established for each position so you will know how much to pay everyone at each payment day of the month. Tax rates can also be found in the sample payroll sheets found on janetbelch.com. As the branch banker, you are responsible for paying the company bills every month. A list of required payments and bills can be found on the ‘Standard Payments for Companies’ page on Janet Belch. Once the company account is established, an individual account must be created for every student in the class. The process for setting up these accounts can be found in the PowerPoint. Once the individual accounts are established, you must inform the class of the Standard Payments for Individuals. These required payments have to be individually entered by every person, and it is easiest to hand out a printed list.
Trade Shows and Sales
After a trade show, the accounting department gets the responsibility of entering the invoices into an excel sheet. As the branch banker, you work with your department to enter the invoices (Name, company, email, amount) into an excel sheet. Once that is completed, it is the branch banker’s responsibility to check the company bank account every day to look for received payments. If a payment is received, you mark the person as paid on the excel sheet. If people fail to make payment, you work with everyone in the department to send out emails requesting payment.
After Trade Show Tasks
- Record purchases; process payments to vendors and update accounts payable records
- Send emails to accounts payable, requesting payment by the end of the month
- Record all information on an excel spreadsheet, update as payments come in
- Bill Demmin (Former CFO) firstname.lastname@example.org
- http://janetbelch.com/ – For most general VE information
- http://janetbelch.com/AccountingMenuNew.html – For the Accounting quizzes
- https://portal.veinternational.org/login/ – To access your bank account once it has been created
- http://veinternational.org/ – For all VE information