About Accounts Department of BKMEA
When the organization started its journey from the beginning, the Accounting branch was performing the right financial functions. With increasing volume of service delivery, the accounting department is working very professionally to achieve the financial activities involved in it.
Bangladesh Knitwear Manufacturers & Exporters Association (BKMEA) was formed in 1996 by the all-out efforts of few knitwear manufacturers. Soon after the development, it undertook activities to oversee the interest of the knitwear sector of the country.
The mission of the Accounting department is to provide timely and accurate financial information to organization decision making and to ensure compliance with applicable accounting laws and procedures.
The objective of the HR department is to effectively manage an organization's most valuable asset like human capital. This involves aligning HR strategies and practices with the overall goals and objectives of BKMEA to maximize employee performance, engagement, and satisfaction. The Key objectives of the BKMEA HR department include:
We Maintain the Standards of Accounting
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The financial statements of the Bangladesh knitwear Manufacturers and Exporters Association are prepared on Accrual basis under historical cost convention and in accordance with International Accounting Standards (IAS) so far adopted by The Institute of Chartered Accountants of Bangladesh (ICAB). We prepared financial statements on a going concern concept in accordance with Generally Accepted Accounting Principles (GAAP). Financial transaction are recorded both Accounting Software and Manually. The most important objective of our accounts department is to keep accurate financial records. It helps us to meet our legal requirements and ensuring true and fair view. We consider external audits to prevent fraud, and institute policies and procedures for controlling an accounting department provide accounting services and financial support to the organization it belongs. The department records account payable and receivable, inventory, payroll, fixed assets and all other financial elements. The department’s accountants review the documents of each unit to find out the company’s financial position and any changes required to run the organization cost-effectively
Functions at a glance
The department’s accountants review the documents of each unit to find out the organization’s financial position and any changes required to run the organization cost-effectively. Daily transactions are recorded by software and services provided with Money Receipt.
Cash Flow Management:
The accounts department ensures carefully cash flow management allows estimating the amount of cash that it will have on hand at any one time, project trends in cash inflow and cash outflow, and evaluating whether a shortfall or surplus in cash could potentially occur.
Financial statements:
Our reporting group within the department creates adjusting journal entries to bring the company’s initial financial results into compliance with the applicable accounting framework, writes footnotes to accompany the financial statements, and releases financials following the end of each reporting period.
Internal reporting:
In case of internal reporting financial data or other information are accumulated and communicated to another within the organization. This information assists in the managerial decision-making process.
Handling Tax issues:
A specially-trained group of accounts estimates the amount of taxable income that the organizations are likely to generate, and periodically remits income tax payments to the government, based on this estimated amount.
Payroll
The payroll function of our accounting department ensures that the organization pays its employees accurately, including bonuses, commissions, remuneration and other benefits. It pays the government taxes as well as union dues and other withholding from an employee’s paycheck. The department reimburses employees for expenses and makes payments to vendors.
Project Management:
Various projects are implemented by BKMEA and Accounts Department works as a financial coordinator to monitoring and evaluating the projects accounts. The project accounts are audited by an independent auditor.
Fixed Assets:
Our accounting department is responsible for recording fixed assets on a balance sheet with depreciation. Full year depreciation has been charged on addition to fixed assets irrespective of the date of acquisition.
Accounts Payable and Receivable:
We keep track of money coming in and money going out of our organization and recording accounts Payable and accounts receivable accounts.
Reports for Internal And External Auditing:
For Transferency and Accountability of Accounts BKMEA conduct with internal and External Audit . Internal Audit is done after one months Consecutive and External Audit is after one year consecutive for AGM.
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