RECORD AND PROCESS TRANSACTIONS AND EVENTS

Here are the elements you need to achieve for this performance objective

Implement or operate systems to record and process accounting data using emerging
a
technology where appropriate or feasible.
Gather information for end-of-period accounting entries – and prepare estimates for
b
adjustments to inter-company accounts.
Verify, input and process routine financial accounting data within the accounting system
c
using emerging technology where appropriate or feasible.
d Prepare and review reconciliations and other accounting controls.
Make sure you’re using accounting standards and policies when you’re processing
e
transactions and events.

The introduction of Big Data has indeed revolutionized the storage, processing, and analysis of
financial information. In my role as a financial professional, I was responsible for preparing the
financial statements for the entire organization, initially using Sage Pastel and later transitioning
to QuickBooks.

One of my primary tasks was recording transactions into the accounting software, such as Sage
Pastel or QuickBooks, by capturing all bank and cash transactions. Within the software, I utilized
the Cash Book module to record these transactions accurately and in a timely manner. The
accuracy and timing of these transactions were crucial as they minimized the chances of material
misstatements and ensured the correct cutoff dates for reporting purposes. Additionally, it
facilitated the process of bank confirmations when external auditors conducted their procedures.
Data capturing and recording played a pivotal role in maintaining accurate accounting records.

Another aspect of my role involved handling the Accounts Payables and Receivables. I recorded
invoices and classified them according to the appropriate expense and revenue codes. This
classification was essential for accurate financial reporting, as unpaid invoices and debts
automatically became part of the company's Accounts Payables and Receivables on the
Statement of Financial Position. To ensure accuracy, I reconciled these recorded transactions
with suppliers' statements and debtors' statements, aligning our records with theirs.

Furthermore, I held the responsibility of budget planning and control. This involved conducting
cost-benefit analyses to ensure cost efficiency throughout the organization. By carefully
assessing the costs and benefits of various initiatives, I aimed to maintain the company's
liquidity and mitigate financial risks
With the utilization of Big Data and modern accounting software, these tasks became more
streamlined and efficient. The ability to process and analyze large volumes of financial data
enabled us to make informed decisions, improve financial reporting accuracy, and enhance
overall financial management within the organization.