Reporting and financial transactions are a crucial part of running an organization. They assist companies to comply with legal requirements and regulations. Public companies, for example must submit reports to governing bodies such as the Securities Exchange Commission to prove that they adhere to the rules of financial accounting. They also have to submit tax returns to their tax authorities to prove that they comply with the corporation tax rules.
The reporting that a company does can help identify cash flows and outflows to allow the company to prepare for future opportunities and threats. Finance teams also have a responsibility to inform the business of possible risks and challenges. This includes helping the business understand the significance of cash flow and how it is tracked.
A key element to good financial reporting is having clearly written descriptions of every transaction. This is crucial when creating documents such a cash statements, deposits modifications, requisitions, order orders bills, travel expense reports. A clear and concise description will help you to differentiate the purchase from others when official statement you create reports for Finance Mart and standard ledger.
FINTRAC uses financial information from the public to monitor and identify suspicious activities including money laundering and financing of terrorists. The agency identifies patterns by studying data from banks, casinos, credit unions, and other money service companies.
The mission of FINTRAC is to protect Canadian society and the economy from the profits of criminal activity. To accomplish this, it collaborates with businesses and law enforcement partners to prevent the financing of terrorists and money laundering by detecting patterns of suspicious activity and sharing intelligence with the various stakeholders.