Page 39 - VYSNOVA PROGRAM MANAGEMENT GUIDE 20200625

Accounting

Accounting

Financial Management Responsibilities
Financial Management is a large part of a PM’s responsibilities. While the PM may have dedicated
financial support from a F&A or a PA and general support from the Vysnova Corporate Accounting
Team, the PM will be responsible for the overall financial oversight of the project, including the
following activities:

a) Review and approve all budgets, spend plans, and realignments
b) Review all timesheets to ensure the correct project code/task, project labor category, and
hours are charged correctly by each employee.
c) Request monthly Project Status Reports (PSRs) from F&A to review and present to COO
on third Thursday of each month.
d) Review, approve, and sign for all project purchases
e) Review, approve, and sign for all accounting system corrections (i.e. Labor
Reclassifications and Non-Labor Corrections)
f) Remaining apprised of financial risks/issues and approving mitigation strategies
recommended by the F&A (or PA performing F&A duties)
g) Request petty cash accounts, if necessary, and approve all cash payments
h) Review and approve invoices submitted to the client

The PM shall receive dedicated financial support from their project staff for the following
activities, which will be undertaken by the F&A Specialist and shared with the PA, as directed by
the PM, or by the PA or PM if there is no dedicated F&A.
a) Process the Vysnova field office’s financial operations for designated/assigned direct
project, verify the accuracy of documentation, and classify the transactions by account
type using the "Chart of Accounts."
b) Ensure that all transactions are authorized by the responsible party and are supported
with proper documentation.
c) Ensure that financial documentation meets the internal accounting procedures and
contractual requirements.
d) Issue and codify checks, cash authorization forms, and maintain project financial files.
e) Review Timesheet to ensure accuracy of project labor code and project charge code prior
to Accounting processing the records.
f) Ensure that social security, local payroll taxes, and pension contribution are filed on time
if provided by an outside payroll vendor on a specific project.
g) Prepare and maintain budgets for individual project and task orders.
h) Prepare monthly field expense financial reports for headquarters.
i) Send monthly original receipts and documentation in support of the field expense
financial reports to headquarters.
j) Review wire pre-payment reports to ensure project vendors are being paid on time
k) Review and approve draft invoices to the client for submission by the Accounting Team

Copyright 2020 Vysnova Partners Inc. All rights reserved.

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