Financial Transactions and Reporting
Reporting and financial transactions are essential to running a company. They assist companies to comply with regulatory requirements and laws. For example, public companies have to provide governing bodies, such as the Securities Exchange Commission reports to demonstrate that they are following financial accounting rules. They also have to submit tax returns to their tax authority to prove they adhere to corporate tax laws.
Reporting can help a business understand cash flows or outflows, so that it can prepare for the future and anticipate opportunities or threats. In addition, finance teams have a responsibility to keep the business aware of any potential problems or risks. This includes helping business understand the importance of cash flow and how it’s monitored.
It is crucial to have an exact description of every transaction. This is especially crucial when creating documents such a cash statements, deposit modifications or requisitions and travel expense reports. A properly written description will be capable of delving into the specific purchase, so that it is distinguished from other ledger entries in traditional ledgers as well as Finance Mart reports.
FINTRAC uses financial information from the public to track and identify suspicious activities, including money laundering and financing of terrorists. The agency identifies patterns and trends through the analysis of reports from credit unions, banks companies that provide money services and casinos, in addition to data from other sources.
FINTRAC’s goal is to safeguard the Canadian economy and society from the effects of criminal activity. To accomplish this, FINTRAC works with companies and law enforcement partners to prevent money laundering and terrorist financing by identifying patterns of suspicious activity and sharing intelligence with the various stakeholders.