Poor finance process in manning selvage and Lee company’s finance department

Abstract

Finance and Accounting has been becoming as a major of concern in the world of fast-paced business. To keep advantage competitive, every firm not only needs to keep up with technology but also need to apply modern technology into the real work, utilize the current resource to maximize the profit. Hence, finance and accounting function becomes one of the most important components in an organization. This function maintains the relations with all parts of the company as well as ensure the operation is always under control at a management team level. A solid finance and accounting function will be a strong base for firm in the progress of achieving chosen objectives and optimize future investments. However, Manning Selvage & Lee (MSL) Company- a company that is working in public relations (PR) industry and its Finance Department in current situation, it can be seen that the firm is experiencing from long collecting period, poor cash flow management and decreased in profit margin due to the lack of standardized finance function. This research examines the impact of three main causes- weak working allocation, lack if skilled staffs as well as lack of team cooperation. These are the cause of some problems including weak overheads management, lack of standardized financial process and weak collecting period. In this paper, in-depth interview, literature reviews and historical data are used to figure out effective and efficient solutions for the department. To sum up, this paper defined symptoms and problems to evaluate and assess their importance as well as propose feasible solutions to enhance business performance, solve the current issue, general and improve the profit of the company through increase more inflows. Throughout this paper, viewers could have a full picture of relationship between cause and effects well as get familiar with solutions to cope with problems happened in the department.