Grow Management Consultants
Finance Policy and Procedures
Grow Management Consultants
Finance Policy and Procedures
Good financial practices are the foundations of healthy business growth and profitability.
The financial transactions carried out by Grow Management Consultants should be efficient and effective.
The company follows accepted accounting principles and business practices and is compliant with all relevant financial regulations.
Prior to any of the following finance transactions being undertaken, the authorising person noted must authorise the transaction.
Where additional policy is noted, this policy must also be adhered to when undertaking the finance transaction.
|Finance Transaction||Authorised Person|
|Bank Accounts||Principal Consultants|
|Issuing Petty Cash||Senior Managers|
|Business Credit Card||Senior Managers|
|Authorising New Customers||Operations Manager|
|Authorising New Suppliers||Operations Manager|
|Purchasing Stock||Senior Managers|
|Purchasing Assets/ Equipment||Principal Consultants|
|Debt Collection||Senior Managers|
|Payment of Invoices||Senior Managers|
General: All performance analysis and reviews must be submitted to the Principal Consultants for discussion and guidance as and when they are competed. An email should be sent to the relevant consultant who requested the information. This consultant will then contact and discuss the information with the other party.
Petty cash should be used to pay for small business expenses up to $100 where payments through accounts payable or credit card are not justified or appropriate
Issuing Petty Cash
Petty cash vouchers must be completed before any cash is taken from the petty cash float.
Only up to $100 can be disbursed at any one time.
All petty cash vouchers issued must be approved by a Senior Manager.
Once the petty cash is spent, a receipt or invoice should be attached to the voucher and returned to petty cash with any balance of monies unspent
All completed vouchers must have the following details included:
- Issue date of voucher;
- Name of person who issued the voucher;
- Amount of monies disbursed;
- Details of expense;
- Invoice or receipt
- Signature of approval person,
Reconciling Petty Cash
Petty cash float is to be reconciled at least monthly. This is the responsibility of insert relevant job title here
All petty cash expenditure must be entered into the financial system once the petty cash has been reconciled.
The balance of monies and vouchers must equal the petty cash float amount before reimbursement can be made.
Reimbursement of petty cash will be authorised by a Senior Manager.
Use of Business Credit Card
Provides guidelines for the issue and use of business credit cards.
An employee will only be issued a credit card once the Credit Card Authorisation Form has been completed.
The business credit card can only be used for travel, authorised entertainment and purchases of small value expenses or equipment up to the value of $500.
No cash advances are to be taken using the business credit card unless authorised by the Operations Manager.
Where a business credit card is lost or stolen, the owner of this card is to notify the Operations Manager, who is responsible for notifying the issuing agency and ensuring the card is cancelled.
The business credit card is not to be used for personal expenses.
All holders of business credit cards are required to reconcile the monthly credit card statement to the expense form, attach all receipts for payments made on the credit card and have the expense statement authorised by the Operations Manager.
Upon completion and authorisation of the monthly expense statement, these documents are to be forwarded to the Operations Manager for payment of the credit card statement.
All business credit cards are to be returned to the business when the person is requested to by the Operations Manager or where they are no longer an employee of the business.
All new suppliers to the business must be reviewed and accepted in accordance with this policy to ensure that the supplier service is aligned with the business objectives.
Choosing a New Supplier
A new supplier must provide our business with quality products, great service, competitive pricing and efficient delivery.
The following information table must be completed prior to agreeing to services
Supplier Selection Background Information
- Business Name of Supplier:
- Location of Supplier:
- Products/Services provided by supplier: (Attach a list if necessary)
- Name of business owner/ sales representative:
- For how many years has the supplier been trading?
Supplier Selection Review Checklist
For each new supplier being considered the following checklist must be completed:
- Is the supplier pricing competitive? Attach list to this checklist:
- What are the payment terms for this supplier?
- What is the return policy for this supplier?
- Does the supplier provide warranties, guarantees etc.?
- Are the suppliers’ representatives knowledgeable of the products/ services and industry?
- Is there an alternative to this supplier, has the alternative supplier been considered?
- What are the delivery services of the supplier?
- Has a credit check been undertaken for the supplier? (attach to this checklist)
- Has the Personal Property Securities Register (PPSR). been reviewed?
- Has the supplier been trade checked? (attach this to this checklist)
- insert relevant additional information to assist in the decision of appointing a new supplier
Appointment of Supplier
The appointment of a new supplier will be authorised by the Operations Manager.
All relevant details of the supplier will be entered into the financial system by Administration Assistance once approval is obtained from the Operations Manager.
The Operations Manager will review information entered into the financial system and independently verify the bank account or other payment details of the supplier to ensure payments made are to the correct supplier
Supplier Payment Terms
All purchases from suppliers must be supported by a purchase order
Payment terms for all suppliers must be reviewed by Insert relevant job title here every Insert timing of review here, recommended at least once a year.
Following this review each supplier must be approached to seek improved payment terms by Operations Manager.
All supplier payment terms must be a minimum of 30 days.
Any variation to the above must be authorised by Operations Manager.
All supplier payments are to be reviewed once a quarter to ensure that payment terms are adhered to. For payments made to any suppliers earlier or later than the agreed terms. The Operations Manager will prepare a report that details the reasons why payment terms have not been adhered to.
This report will be reviewed and authorised by the Principal Consultants.