General Accounting

[Virtual Presenter] Our organization's focus on general accounting and strategic planning for the year 2025 is crucial in ensuring our financial stability and growth. We must maintain a strong foundation in our accounting practices while also developing a clear vision for our future direction. This will enable us to make informed decisions and allocate resources effectively..

[Audio] The table of contents outlines the structure of our presentation, which highlights the key areas we will cover. We start with an introduction, followed by updates, challenges, and objectives. This establishes the foundation for our discussion on key ideas and strategies for 2025. Lastly, we conclude with a review of our financial targets. By examining this table of contents, one can discern the logical progression of our presentation and comprehend what we strive to accomplish..

Introduction. 01.

[Audio] The General Accounting department is responsible for managing and overseeing the company's financial records and transactions. Our primary functions include financial recordkeeping, preparation of financial statements, reconciliation, compliance, tax filing and reporting, cost management, and financial analysis..

[Audio] In our accounting tasks, we face several challenges. The need to prepare accurate and automated financial reports through Odoo is one of them. This requires providing updated costs in the costing of new items, with a new template already prepared. However, late submissions of documents have caused delays, and other reports still require manual journals since the system is not yet fully utilized. Moreover, manual updating of costs is a tedious and time-consuming process, relying on the expertise of only one personnel. Our objective is to provide automated financial reports to the management on time, and to provide updated costs based on current values to achieve a healthy profit margin..

[Audio] The study of standard versus actual costing is crucial in understanding the overall financial performance of a business. Conducting such a study requires careful consideration of the timing and availability of resources. The study should be done at a time when the company is stable and has sufficient resources to invest in the study. Additionally, the study requires a certain level of manpower to complete the process efficiently. However, limitations in resource availability may result in delays in the study. Furthermore, expediting the actual process study may be challenging due to limited manpower, which can impact the accuracy of the results. To maximize the benefits of the study, it is essential to carefully plan and allocate the necessary resources. This ensures a timely and accurate understanding of the company's financial performance, leading to better decision making..

[Audio] We will continuously monitor our targets set by management to ensure efficient operations, identify areas for improvement, and maximize profits. The inventory module in Odoo will be used on a trial stage to reconcile discrepancies between book records and physical counts. Fast and accurate data entry will enable automated reports on receivables. A timeline for annual tax reporting will be maintained to avoid delays and penalties. Monthly filing of taxes returns, including VAT, Expanded Withholding, Compensation, and Income tax, will be ensured. Inventory levels will be tracked using PJC, and sales invoicing will be implemented through Odoo. Effective tax planning will be crucial in achieving our objectives..

[Audio] In 2025, our financial targets include keeping salaries and wages within the range of 8 to 10 percent. Last year, we achieved a rate of 13.6 percent. Our goal is also to keep utilities expenses between 2 and 3 percent, as we achieved a rate of 4.3 percent in the previous year. For repair and maintenance, we plan to allocate.02 percent, compared to the actual rate of.05 percent in 2024. Our aim is to minimize wastages and spoilage to less than one percent, as we spent.02 percent in 2024. We will also strive to keep freight charges under control, with a target of.01 percent compared to the actual rate of.02 percent in 2024. The cost of diesel and gasoline is expected to increase by.05 percent, slightly higher than the actual rate of.07 percent in 2024. Lastly, we anticipate no inventory discrepancies and plan to maintain a high yield recovery level of 98 to 99 percent..

[Audio] We have now arrived at the last part of our presentation and I would like to express my sincere appreciation to all of you for taking the time to listen to our proposals. Your attention and involvement have been crucial in aiding us in creating our future plans. Thank you!.