What Is the Financial Planning Process?

Financial process refers to a series of activities carried out by the financial department to achieve financial accounting goals. It contains data collection, processing, storage and output, and is a bridge connecting business processes and management processes. Therefore, the design ideas of financial processes, the efficiency of data collection, and the correctness and effectiveness of processing will directly lead to the quality and efficiency of management activities. Every financial staff should understand this process, but also the relevant financial software. Enterprises with a large scale or higher management level adopt information management. You should know how to use the software and how to set it up. As long as the voucher is made correctly, everything else is done by the computer: voucher-summary-detailed ledger-general ledger-various reports, etc.

Financial process

The financial process teaches you how to easily keep books

Teach you how to easily keep accounts, all six steps are done:

After the vouchers are categorized, they are classified and filled into the financial activity record sheet for the current month. The first half of the financial activity record sheet records the changes in income and expenditure flow, and the second half describes the movement between assets and liabilities. The form is completed in seven steps.

Financial process step one

To register the income status, first fill the balance sheet balance of the previous month into the opening balance column of assets and liabilities according to cash, deposits, stocks, loans, credit cards, and other liabilities, and then enter all income for the month, including salaries, bonuses, allowances, etc. Fill in the income column.

Because most salaries are automatically transferred by the bank, the monthly salary should be filled in the deposit column, and invoices, work bonuses, and living allowances, etc., should be included in the cash column in addition to automatic transfers, and expressed in cash increase. Fill in all the income items and add them up. Fill the data into the income subtotal column clearly, and you will know how much your income is in that month.

Financial Process Step Two

Fill in the recurring expenses by category. Fill in the vouchers for clothing, food, housing, transportation, education, and entertainment according to the date. For example, if you spend $ 100 on books on September 1, you should note in the education item column. The date, product name, and amount of money will be reduced by one hundred yuan in the cash column. If you buy a suit of one thousand yuan by swiping a card, you should enter an increase of one thousand yuan in the swiping column instead of the cash column. It should be specially filled in note.

After recording all consumption funds, simply do statistics after the six major categories, and you can see the main flow of funds for that month. For those that cannot be classified in the six items, fill in the other columns and record according to the increase in cash or decrease in credit card.

Financial Process Step Three

Settle the income and expenditure, calculate the new balance and fill in all income and expenditure items, and use the opening balance plus income minus the expenditure to obtain the ending balance; the classified expenditure can be used as a reference for the budget preparation of the next month, and cash, deposits and credit cards The balance tells you if you have enough living funds available.

Financial Process Step Four

Daily deposits and withdrawals must leave documents. Weekday deposits and withdrawals should leave documents to facilitate the production of forms. Cash deposits decrease when deposits increase, and vice versa. If you lend money to relatives and friends, cash or deposits decrease but other assets increase because the money lent to relatives and friends is their own assets. However, we should grasp the good habit of lending money to people who want to leave a debit note.

Financial Process Step Five

Selling stocks should calculate the daily changes in the price of the stocks that are profitable. The principle of stock bookkeeping is that deposits decrease when buying, stocks increase, deposits increase when selling, and stocks decrease, but because the price between buying and selling often changes Different, when the selling price is greater than the buying price, it is making money, when the selling price is less than the buying price, it is losing money. In order to reflect the earning and compensation situation on the stock account, it is customary to calculate the bid-ask spread when selling. The action is to react to make money.

Financial Process Step Six

Register purchase records of large items. Purchases of assets such as houses and cars are usually accompanied by loans. For example, if you pay a first installment of 300,000 yuan on September 10 to buy a one million yuan house, the deposit column will decrease by 300,000 yuan. An increase of 1 million yuan and an increase of 700,000 yuan in loans.

On the whole, the financial activity record can fully record the changes in flows and stocks, and when the net value of income, expenditures, and assets and liabilities have specific changes, it can be fully grasped by bookkeeping.

Financial Process Case Study

Case 1: University financial process management [1]

I. The connotation of financial processes in universities

From a philosophical perspective, everything in the world is moving, and this movement is absolute. But movement has a certain pattern. Consciously following the law and doing things according to the law is the correct way for humans to understand, grasp and transform nature. While the law is specific to practice, it can be understood as a procedure or a process in behavior. In actual behavior, just as Su Huiwen and others think of a process, a process can be regarded as a set of tasks and actions, and this set transforms the corresponding inputs into outputs. For an organization, the corresponding inputs and outputs include material, information and human resources [2]. From the early research on the process theory in the theoretical world, it is mainly scattered in the research of organization theory, strategic management, operation management, group dynamics, management behavior, etc. There is no overall study of the process, and it is limited to a single theory or The discussion of methods is limited to a single process.

Synthesizing these theoretical research results and integrating process theory into a more complete theoretical system, so as to form a series of methodologies, which will be used in practical work will help the development of the organization and the improvement of management.

Combining the meaning of the process, the financial process of colleges and universities refers to the working procedures or operating rules formed in the financial management of colleges and universities with a certain regular, comprehensive, systematic, and long-term financial management practice experience. Its main content can be divided into two categories:.

The first is the basic process of financial management, which aims to standardize financial work, consolidate the basis of accounting, and improve capital efficiency. Such as financial approval process, financial budget process, accounting process. The financial approval process is mainly based on financial norms, and through certain financial approval authority settings, different business scopes, capital quotas are reviewed and approved by departments and levels. For the financial budgeting process, according to the corresponding budget rules, combined with the university's own management system, the annual budget collective decision-making system is implemented, such as the two-up, two-down system of some universities. That is, when the first draft of the annual budget is prepared, it must be approved by the school's party committee and the Standing Committee's enlarged meeting, and then the school's teacher and staff representative conferences should be consulted. Scientific and practical budget. The accounting process is mainly reflected in the accounting process. For example, the setting and application of accounting subjects and funds involved in the business, the review of the legality of bills, the cash flow of cashier banks, and the receipts and payments of cash must be performed in accordance with the accounting process to consolidate the basis of accounting and improve the quality of accounting information. .

The second is the auxiliary process of financial management, focusing on strengthening financial supervision, rationalizing financial relationships and improving service levels. Such as accounting supervision process. The significance of the accounting supervision process lies in that through the establishment of certain institutions or positions, in accordance with relevant accounting supervision systems and supervision methods, effective supervision measures are taken to audit financial approval, accounting, and secondary financial management to correct Correct mistakes, strengthen financial supervision, streamline financial relationships, and protect the interests of all stakeholders. The information inquiry process is aimed at the weakness of the school's financial information inquiry, and its main purpose is to facilitate the acquisition of financial information by departments, colleges, teachers and students, so as to enhance the self-protection awareness of information users. The learning process is to establish relatively complete learning rules, effectively encourage and promote the theoretical and business learning of financial personnel, and improve the comprehensive financial ability of financial personnel.

As far as the characteristics of financial processes are concerned, college financial processes have the characteristics of sharing, commonality, practicality, timeliness, stability, and hierarchy. The sharing and commonality of financial processes in colleges and universities are based on similar financial management content of colleges and universities. Through the establishment of a relatively complete set of financial processes, they can be shared by various colleges and universities, and share resources, which is also conducive to the innovation of financial processes. The practicality, timeliness, stability, and hierarchy of financial processes are summed up from the meaning of the financial process itself. The financial process takes practicality as its main core and is continuously extended to form a shallow and dynamic rule that can be used in practice. Renewed and multi-directional development.

The Necessity of University Financial Process Standardization

1. Streamline information and improve work

The information asymmetry theory was first applied to buyers and sellers in the financial market, and believed that due to the information difference between buyers and sellers, the respective gains obtained between the two were different [3]. The internal meaning lies in the fact that the pros and cons of information mastery have different meanings to the exchange or the parties to the transaction. In the financial relationship group of colleges and universities, the finance department of colleges and universities is the information superiority. They not only master, formulate and implement various financial systems, design various financial management processes, but also understand the essence of financial processes, and understand the flexible application of financial processes. According to various objective conditions, timely adjust some links in the financial process to reduce the repetitiveness of the process and save time and opportunity costs. However, for teachers and students, employees, and foreign economic organizations or individuals, who are only familiar with or even unclear about the financial regulations and work processes of the financial department, they are the disadvantaged ones in information management. Therefore, these information disadvantaged persons will inevitably be constrained, take detours everywhere, and be called around when handling various financial services, thus causing problems such as "difficult to report", "difficult to check", "difficult to sign", etc. [4]. Unblocking information, expanding information channels, increasing publicity of financial systems and financial processes, and enhancing financial work processes have positive significance for improving work, reducing tedious links, and improving work efficiency.

2. Establish a harmonious financial relationship and balance the financial interests of various stakeholders

As far as the existence of universities is concerned, it has its inevitable historical mission. The existence of colleges and universities is not only a manifestation of government will and government interests. This interest orientation has been transformed to cover colleges and universities, including colleges and universities, students, faculty and staff, scientific research cooperation units, logistics support groups, and bank creditors, labor unions, Equilibrium orientation of stakeholders' interests, including communities, media, and other institutions [5]. Under this equilibrium orientation, the financial strategy of colleges and universities must inevitably take "harmonious finance" as the direction, comprehensively consider the interests of various stakeholders, and achieve a balance. However, due to the special nature of financial management, it is inevitable that the actual interests of certain financial relationship subjects will be damaged due to certain financial management regulations and management links. Even if the financial department is strictly in accordance with the national financial system and the relevant financial regulations of universities, it will cause conflicts between the two parties because the involved stakeholders are unclear, do not understand and do not understand, thus disrupting the financial order and affecting daily finances. jobs.

Such as the financial department in the school college or department's "small treasury", sit and pay, carry out tax withholding, limit the reimbursement and the student's arrears, and other disputes in the work. Therefore, improving the financial process, optimizing the design of the financial process, effectively reflecting the interests of the subjects of each financial relationship, creating harmonious financial relationships in colleges and universities, and balancing the benefits between various types of financial relationships are conducive to improving financial management, innovating financial management content, and reducing financial Manage costs and improve financial level [6].

3 Effectively ensure the implementation and implementation of college financial systems, and standardize financial management

The establishment and improvement of the system is conducive to streamlining financial management work, maintaining normal financial and economic order, and smoothing various financial tasks. However, the implementation and implementation of the system must rely on the design and application of financial processes. The financial process is the track of the implementation of the financial system. The clearer and more concise the financial process, the clearer and more intelligible the financial system is in the process, and the easier it is for people to understand and master it. Conversely, the design of the financial process is complicated, the channels are curved, there are many duplications and inconsistencies, the more difficult the implementation of the financial system, the easier it is to form rules and regulations without evidence, the lack of enforcement, and the deep influence of human factors. Lost the significance of system formulation. Regulating the financial process is to take "system implementation" as the core, strengthen the seriousness of the system, enhance the effectiveness and seriousness of the financial process, and effectively bring into play the normative role of the financial system.

4 Improving service levels and giving play to the window department effect of the financial department

The financial department is the core department of various financial work in colleges and universities, and its business work involves various financial stakeholders. Including external superior authorities, financial institutions, various economic contract subjects, etc .; internally, teachers and students, secondary financial institutions, etc. Financial service work not only reflects the working level of the financial department of colleges and universities, but also reflects the working attitude, working style, and service level of the financial department. As the financial window department, in the daily financial work, they will be exposed to all kinds of financial business subjects. They will be ordinary teachers, administrators, students, foreign economic organizations or individuals, and even long-term with colleges and universities. Cooperating enterprises, higher authorities in charge of higher education, price and taxation supervision and management departments. They are both the holders of financial benefits and the supervisors and appraisers of the financial department. For them, no matter what level of financial subjects they belong to, their core standards for measuring the service level of the financial department always revolve around "working efficiency and working attitude" . The work efficiency and work attitude are reflected in whether the financial process design is efficient, whether it is handled strictly according to regulations, and whether it reflects the purpose of "service".

5. Strengthen financial innovation ability and establish unique financial culture

Innovation is an inevitable way for modern universities to reduce management costs and improve school running efficiency. It is the soul of modern universities' survival and development in the industrialized market of higher education, and it is the decisive factor for universities to obtain competitive advantages. Financial management in universities is one of the important functions of universities, and financial processes are the core content of financial management. Innovating financial processes and realizing financial process management are conducive to enhancing the financial innovation ability of colleges and universities and adapting to the development environment of modern higher education. Financial culture is the spiritual pillar of financial personnel and the soul of financial management [7]. The financial culture must rely on a certain system culture, and the financial process belongs to the system culture category. For colleges and universities, the differentiated construction of the financial process adds individual characteristics to the establishment of the financial culture.

Problems with financial processes in universities

1. Financial processes are relatively scattered, and a complete system has not been formed. Generally speaking, financial processes are a relatively complete system, with relative independence and interconnectedness. However, in actual work, many financial processes exist in a certain department or department, and no standardized documents have been formed, and the preservation and transmission of financial processes rely only on the memory and verbal methods of several generations of financial personnel, making many financial processes The empirical opinions on the important role of process construction have not been collected, sorted and summarized, resulting in the inability of the financial process to form a relatively complete system and fail to play its due role. Even though some colleges and universities already have some more mature financial process management, they are scattered in the duties of various financial positions and have not been effectively refined.

2. Individual financial processes are empirical and not general

As far as the formation of its financial process is concerned, it is a summary of the actual experience of financial workers, but its essence is to reflect the characteristics of a financial work. However, due to the frequent rotation of financial positions, the deployment of financial personnel, and the different financial personnel's understanding of financial work, when they summarize and apply these financial processes, there is a financial process formed by the same financial management work. Great differences and individual characteristics make it difficult to reflect the general nature of financial processes.

3 Human factors of financial process have a great influence, which weakens the construction and implementation of financial process

Although the financial process is an accumulation of financial practical experience, once the financial process is formed, it has rigid characteristics and should be strictly adhered to during the implementation process. On the other hand, the construction and execution of financial processes are people, leaders do not pay attention, and financial personnel are in conflict. The construction of financial processes can only be limited to a certain department or section, or even a person. Although the financial staff of each post has an innovative summary of the business operations of this post, the financial leadership has not paid much attention to this. The financial staff lacks the initiative and creativity of financial process construction and innovation, which has led to the financial process being kept at a low level.

At the same time, during the implementation process of the existing financial process, it will not be able to be completely executed due to the interference of the leadership will, and it is only operated as a general work procedure, which weakens the financial process supervision function.

Fourth, the standardization and improvement of college financial processes

1. Standardization of financial processes

This is not only related to the standardization and orderliness of financial management in colleges, but also reflects the financial management level and service level of colleges and universities. The regulation of financial processes covers a wide range and has a wide impact. Therefore, in the process of standardizing the financial process of colleges and universities, we must grasp the following principles:

(1) The principle of completeness, so that the financial process runs through all aspects of financial management

The financial process is designed based on the financial management work of colleges and universities, and must reflect the business characteristics of various tasks of financial management.

(2) Timeliness principle, advance with the times

The financial process arises from the practice of financial management and has strong practicality. Then, with the changes in financial management concepts, financial organization adjustments, and financial management models, the financial process should be constantly enriched with new content, added fresh blood, and more optimized and effective.

(3) Principle of transparency

The significance of financial processes lies in transparency. Only transparent financial processes can make each financial relationship subject know, understand and be familiar with each financial process. As a result, they can consciously implement financial management regulations in accordance with financial processes, which not only improves work efficiency, but also increases reliability and reduces management costs.

2. Optimize financial process design and realize management function of financial process

Must do the following:

(1) Fully mobilize, organize and collect various financial processes, and build a basic financial process information platform

Financial processes are related to all aspects of financial management. Due to the differences in the business characteristics of each financial management link, the financial processes formed are different. At the same time, the financial process is a summary of the practical experience of financial management, which is cumulative and transitive. Of course, due to the differences in the financial organization and business division of each university, there are differences, but the financial processes are common and shared. The financial process design of each university can be integrated to build a representative basic financial information platform. In the process of initializing the basic financial process information database, the financial department leader or the school leader in charge of the financial department takes the lead, mobilizing all financial department personnel, combining the positions to summarize and summarize the financial process, setting up a special person to organize and refine, and finally forming the financial process Information base library. The main financial processes are summarized as follows: financial approval process, financial budget process, accounting process, accounting supervision process, information query process and learning process. Each process is subdivided into various work links, which are tree-like, such as the financial approval process.

For schools, in accordance with the provisions of the Accounting Law and the financial system of universities, a financial and economic work leadership system must be established for the principal's responsibility system. In accordance with the principles of unified leadership and hierarchical management, deputy principals, financial directors, and second-level supervisors in charge of financial work must be established. Leaders of the economic system at various levels, such as the person in charge of the unit's finances and grass-roots financial personnel. According to the financial department, it is divided according to the approval authority of the director and section chief, and the college (department) implements a "pen" system; the accounting process involves both the post process of accounting staff and the post of accounting business. The former is mainly the review, review and division of cash and bank teller, while the latter refers to accounting, voucher storage, bill management, etc., and it also involves detailed terms of accounting business accounting. The learning process mainly refers to the continuous education of financial personnel, daily business training and self-learning of financial personnel. The content of the learning process is to require various learning content, time, discipline, rewards and punishments.

(2) Enrich and improve financial processes, clarify each financial process, and form a relatively complete financial management process.

In the foregoing, financial processes have the characteristics of commonality, sharing, timeliness, hierarchy, etc. Therefore, based on the existing financial process information platform, we need to be timely and timely in accordance with the diversification of financial management functions of colleges and universities. Requirement to conduct an adaptive evaluation of existing financial processes, timely discover potential and apparent breakpoints, loopholes, and contradictions existing in various business processing processes, analyze the reasons, and formulate corresponding solutions to correct the management of non-conforming matters in business processing Point to realize the reengineering of financial business processes. At the same time, through the financial process information platform, each university can take what they need. On the one hand, it integrates novel content that is not available in general financial processes to enrich and improve it. On the other hand, universities communicate with each other to learn from each other's strengths and develop universities together Financial processes.

(3) Do a good job of financial informatization construction and increase the utilization rate of financial information

The construction of financial informatization is to increase the publicity of financial processes by the financial department and enhance the transparency of financial management information, so that each financial relationship subject can timely understand the financial management information of the financial department to facilitate information inquiry and improve work efficiency. The construction of financial informatization includes both the informatization of financial processing and the informatization of financial information inquiry. The financial department establishes a special webpage to publish the financial information and financial procedures that are relevant to the main body of financial relations in a timely manner, so that they strictly handle financial matters in accordance with the financial information. For example, students can check the tuition payment arrears online; faculty and staff can check the salary and individual tax information online; departments can check the budget and usage of the funds; research personnel can check the scientific research funds. Therefore, through the use of modern information technology, optimize financial processes and improve work efficiency.