AIESEC Bangalore
Application for Most progressive Finance 2013
Finance Tracking
Podio Used a tool for Finance Tracking Receivables App helped in tracking receivables. Rs 250000 of receivables was converted in the month of September and 225000 in November Reimbursement App and Expense app was made to track expenses before taking decisions Finance support team played a major role in F-tracking with huge amount of receivables converting which helped clear recon. Both for GCDP OGX and GIP ICX Department trackers were followed up on regular basis: GCDPo Tracker, GIP ICX “Pantheon” tracker
Finance Processes
All key decision were passed on by the FTF before taking further steps and based on financial conditions of the LC Regular check on financial Policies All invoice request to be raised on podio before the invoice generations. Mainly to help with tracking All reimbursement and expense requests to be raised on podio and to be cross checked by VP F before making the expense Finance Support team in each exchange department to track and follow receivables and driving down finance policies in their respective departments Income Expense sheet maintained on monthly basis to track cash inflow and outflow Monthly Tally Update by the auditor
Investments
Investment into GCDPo and Marketing promotional activities which earned good return on Investment through increase in number of raises Investment into ER events which had huge profits Membership Investments for department team days. Which drove performance for their department E.g GIP ICX Investment into external events for GIP ICX “Teachers Summit” All investments amounts have been mentioned in the Yearly Finance Report
Finance Education
Finance education taken up for the first time in the LC Member Educations: Departments were giving education on how to track finances in their respective departments Podio Implementation for Finance which was driven down and implemented How investments can drive growth in their respective departments SOFA at October LCONG. Helped them understand their importance in tracking liabilities and how investments can grow LC’s performance
Inferences from 2013
Started with an opening Balance of Rs 65500 in the Month of Jan Increase in investments since 2012. Investments drove performance in 2013 Change of VP Finance in the month of July Change in Financial Process since 2012. New Processes made post July 2013 for easier functioning Effective Finance tracking model helped in receivables conversion and cleared recon of Rs 5,40,723 Finance Education done during departments meets to educate about Processes and Financial Accountability in departments Cash flow Management with limited balance to clear recon and other payments
Profit Analysis from ER events Event
Investment
Income
Profit
Y2B 1.0
44500
126780
82280
Pinkathon
14000
50000
36000
Plugged In Summit
23268
Roshini Y2B 2.0
52000 27436
23512
244
150000
98000
67564
40148