Financial Accounting
Preparation and Maintenance of Accounts:
Maintaining accurate and up-to-date financial records, including general ledgers, cash books, and subsidiary ledgers.
Budgeting:
Preparing annual budgets, monitoring expenditure, and ensuring funds are allocated effectively.
Revenue Accounting:
Recording and monitoring revenue collection from various sources like property taxes, user charges, and fees.
Expenditure Accounting:
Recording and monitoring expenditure on various municipal services and projects.
Financial Reporting
Preparation of Financial Statements:
Preparing periodic financial statements, including income statements, balance sheets, and cash flow statements.
Submission of Financial Reports:
Submitting financial reports to the concerned authorities, such as the state government and the Comptroller and Auditor General (CAG).
Compliance with Accounting Standards:
Ensuring compliance with relevant accounting standards and regulations.
Financial Control
Internal Control Systems:
Implementing and maintaining strong internal control systems to prevent fraud, errors, and inefficiencies.
Auditing:
Coordinating with internal and external auditors to ensure the accuracy and reliability of financial information.
Risk Management:
Identifying, assessing, and mitigating financial risks.
Other Functions
Payroll Processing:
Processing salaries and wages for municipal employees.
Treasury Management:
Managing the corporation's treasury functions, including bank accounts and investments
Tax Collection and Remittance:
Collecting taxes and remitting them to the appropriate authorities.
Financial Advisory Services:
Providing financial advice to the municipal administration on various matters.
By effectively performing these functions, the Accounts Department ensures the financial stability and transparency of the Municipal Corporation, enabling it to deliver quality services to the citizens.
