Finance sub-systems in AIESEC
Finance Team AIESEC THYNA in Tunisia 2009-2010
Finance Day
The Finance Day is a training space in which the Finance Team gives the LC a Learning Circle about finance, legality and administration in an innovative, fun and interactive way. It results in the membership knowing the importance of good running processes in legal and financial aspects and their cooperation with the team in future tasks.
AIESEC as a system
LCP VPTM IM&COM VPICX & VPOGX VPER &PM VPF
The AIESEC sub-systems model outlines the core activity & process structure of the organization. Each of the sub-system is separate but they are all interdependent on each other.
The 5 sub-systems of AIESEC create a logical internal system, which is our mechanism to deliver our corework & The AIESEC Experience. All the 5 sub-systems are required for AIESEC to be able to respond to the needs of our environment and create more & more of AIESEC Experiences. People System
Information System
Exchange Management System
Structure System
Financial System
Finance Sub-System
The Finance sub-system have 9 steps that we follow : Setting ER principles Product Development Fund Raising /Revenue Generation Budget / Cache flow management Costumer relation Management
Restricted funds management Investments management Accounting Financial disclosures
Finance Team AIESEC THYNA in Tunisia 2009-2010
Setting ER principles Establish ER principles for LCVPF specially in terms of substance, and for the planning
Product Development The term is used in Finance to describe the complete process of bringing a new product or service to market. We know how to develop the best product portfolio for our LC
Deliverable
Relevance
Market Potential
Fund Raising /Revenue Generation
We use the term "Revenue Generation" instead of "sales" or "marketing" because the discipline of generating revenue should penetrate every corner of your organization. Revenue generation doesn't just reside in your sales & marketing department.
Budget / Cache flow management
•Cash flow management is the process of monitoring, analyzing, and adjusting your business' cash flows. • For small businesses, the most important aspect of cash flow management is avoiding extended cash shortages, caused by having too great a gap between cash inflows and outflows. • You won't be able to stay in business if you can't pay your bills for any extended length of time!
Costumer Relation Management CRM Customer relationship management is : a broadly recognized strategy, for managing and nurturing a company’s interactions with customers and sales prospects.
It involves technology to organize, automate, and synchronize business processes. Principally sales and related activities, but those activities are also for marketing, customer service, and technical support.
•The overall goals are: • To find • Attract •Win new customers, •Nurture and retain the partner companies •Attract former customers back •And reduce the costs of marketing and customer service.
Restricted funds management
• Grants or donations that require that the funds have to be used in a specific way or for a specific purpose. • They can be considered as a contract between the implementer party and the receiving party. • Restricted funds are often associated with non-profit organizations, since a donation might be made to the organization for a specific use only.
If the funds are used for something other than what was stipulated, the organization could be required to pay the funds back. For example: a restricted funds gift to a university could indicate that the funds have to be used only for scholarships in a specific department.
Investments management The term asset management or useful management is often used to refer to the management of collective investments. However, the more generic fund management may refer to all forms of institutional investment as well as investment management for private investors.
Investment managers who are specialized in advisory or discretionary management (on behalf of private investors) may often refer to their services as : • Wealth management • Portfolio management often within the context of the so-called "private banking".
Accounting Accounting is defined by the “American Institute of Certified Public Accountants� as The art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are a part of financial character, and interpreting the results thereof
Financial disclosures Financial disclosures: it is a certification that clarifies that no financial arrangement with an investigator have been made. • Where study outcome could affect compensation • That the investigator has no proprietary interest in the tested product.
• • •
That the investigator does not have a significant interest in the sponsor of the covered study. That the investigator has not received significant payments of other sorts Disclosure of specified financial arrangements and any steps taken to minimize the potential for bias