FINANCE DEPARTMENT

Financial performance of an organization is very important factor for the long term survival profitability of any organization. Finance is defined as the provision of money at the time when it is required. Every enterprise whether big, medium or small, needs finance to carry on its operations to achieve its targets. It is the livelihood of an enterprise. Without adequate finance, noenterprise can possibly accomplish its objective. The Finance Department deals with the procurement and management of funds. This department controls the overall financial transaction of the company. It controls the receipts and payments of each and every activity for all the divisions. In KAMCO, Finance Department plays a major role because in public sector only very few companies are earning profit. KAMCO is a multi crore multiunit organization. It means KAMCO have more than one unit established with their own fund. Surprising thing is that KAMCO is giving dividend and carrying profit for 22 years. The Finance Department keeps a record of everything concerning any expenses or income.

The important functions of Finance Department are: Management of Receipts Management of Payment Budget and Budgetary control Auditing Costing Statutory transactions Management of Receipts

Management of receipts:
Payments from dealers/customers are received only through marketing department. They issue proper receipts customer wise/dealer wise accounting is adopted. There will be a debit outstanding and it must be informed to marketing development once in a month. Insurance, Freight outward, bank negotiations etc are accounted and maintained to arrive at the cost of sales.

Management of payment:
Due to the availability of funds, payment commitments are honored on the due dates. All the payments are supported by approved vouchers. Payments are passed mainly on the basis of IGRR. Advance payments are settled within a time of 45 days. Non receipts/ delayed receipts extra is brought to the notice of stores for remedial actions. Payments are usually done by cheque/ Draft.

Budget and budgetary control:

The annual budgets of the company are prepared both for the capital and revenue based on the requirements furnished by various units and Departments. The requests of the department are analyzed only after consulting with various departmental heads and Corporate Divisional Management Group and finalized only on the basis of disposition of funds. These budgets are presented before the management for approval. The budget is reviewed half yearly. If some changes are occurred they are submitted to management/ board through a revised budget for approval.

Auditing:
Internal audit is mainly based on corporate functioning. Internal audit mainly takes care for the CARO requirements of companys act. Watch Dog for an entire organization. The main function of this department is to ensure that policy decisions of the management is strictly followed by the functional departments and is verified by the internal audit.

Costing:
Costing records are maintained as per the Cost Accounting Rules. They are mainly subjected to cost audit ordered by company law board. Costing Department also advices management and departments, which are the potential areas of cost reduction. Mainly costing departments analyses cost of productions on a yearly basis. Costing department advices accounts departments the cost of rejection as per warranty claims.

Statutory Transaction:
sales tax /Income tax/TDS certificates/c-Form/Form-18 etc. are issued. They are properly accounted and proper time settlements are made. Salaries and other payments, remittances and recovery etc. in the case of employee are done in a time. The finance function of business is concerned with the acquisition and conservation of capital funds in meeting the financial needs and over all objectives of the organization. Finance is the major functions of any business. It deals with the arrangements of adequate amount of capital to achieve the objectives of the enterprise.

M This department ensures that there is a proper flow of goods a services from the company nd (producers) to the consumers.The products of KAMCO is sold through the dealers, so the marketing department has a direct relationship with the dealers, the products are sold throughout the country through the Agro Industries Corporation of that particular state, the states to which the products are sold are Kerala, TamilNadu, Andhra Pradesh, Maharashtra, Gujarat, Rajasthan, Pondicherry, Chattisgarh, Orissa, Bihar, West Bengal, Assam, Meghalaya, Manipur, Tripura, Uttar Pradesh. The marketing strategy followed by the department is Fixation of targets for each dealers The marketing department has regular contacts with the dealers of each state. The dealers are selected based on the certain criteria, i.e, first of all, the climatic condition of the state is taken into consideration, availability of land, etc The steps followed in the marketing department are 1. Agreement is made between Dealers and KAMCO and then a target is fixed (annual) by KAMCO for the purpose of sales as well as spares. 2. Order is placed by the dealers along with DD or by bank, the dealings of KAMCO is done through Union Bank of India. 3. The marketing department sends the despatch advice to Athani or Palghat. 4. Then the goods are dispatched by the Stores Department.

PURCHASE DEPARTMENT Purchasing is the first phase of the production process. Purchase is an art. An efficient purchasing ensures the procurement of materials of the right quality at the right time from the right source and at the right place. The purchase department of the company must always ready to supply the raw materials whenever it required. Another important duty of the purchase department is to ensure that the purchased items should of specified quality in desired quantity available at the prescribed time at a competitive price. Here the important raw material are; Card board, Mill board, Cement sack PURCHASE PROCEDURE Receiving purchase requisition When the stock reached to the minimum stock level the store keeper prepare two copies of purchase requisition and one in store department other to the purchase department. After receiving the indent the purchase manager or in the case of Thomson papers the production manager or General Manager verifies the indent. Inviting quotations and tender The manager sends the purchase order to different parties through E-mail, fax, telephone etc. When the parties receive the purchase order they will be sending the quotation to the purchasing department of the company. Selecting the supplier The quotations verify by the purchase manager and select the best on the basis of quality, price and service. Placing purchasing order After the verification the purchase department makes four copies of selected quotation and they keep original with them and others are to quality assurance department, store keeper and to the supplier. Receiving of materials If the order is in bulk quantity the delivery of goods will done by the supplier otherwise in currier. Inspection of materials When the goods and invoice come to the company the store keeper comes and checks whether it is as per the order. Then the quality assurance department also checks the same goods on random method through various processes. If the goods are OK it goes to the store otherwise will be back to the supplier. Checking the invoice and making the payment After all the procedures the purchase department checks the invoice with the goods received note and make the payment. PURCHASE ORDER It is a written authorization to the supplier to supply a specified quantity and quality of materials in accordance with the terms and conditions agreed upon. Purchase order contains; Name and address of purchaser and supplier Quantity required Date and delivery of time Place of delivery Terms of payment

INTRODUCTION TO THE STUDY

Organisation is one in which the components parts of an enterprise are put into working order so as to achieve the definite objective. Structure of an organization is very important for its function and growth. An organization i s planned co-ordination of people and their activities for the achievement of some specific goals through division of labour and hierarchy of authority. All are collection of people linked together by formal and feature. All most all the organizations are different, but they have certain common informal relation. They have hierarchical orders that are engaged in co -operative activities and they all have identical boundaries. It provides basic frame work for its progress and expansion. For future managers, it is imperative to study the organization structure; managers may guide organization towards success and profitable functioning. Under this organisational study we are given an opportunity to understand the organisational activities.
The happier people are within their job, the more satisfied they are said to be. Job satisfaction if not the same as motivation, although it is clearly linked. Job design aims to enhance job satisfaction and performance methods include job rotation, job enlargement style and culture, employee involvement, empowerment and autonomous workgroups. Job satisfaction is a very important attribute which is frequently measured by organizations. The most common way of measurement is the use of rating scales where employees report their reactions to their jobs. Questions relate to relate of pay, work responsibilities, variety of tasks, promotional opportunities the work itself and co-workers. Some questions are of yes or no while others ask to rate satisfaction on 5 scales starting from Highly Satisfied to Highly Dissatisfied.