9 - Manage Financial Resources

Overseeing key back-office processes for organizations. This category includes process groups related to planning and management accounting, revenue accounting, general accounting and reporting, fixed-asset project accounting, payroll, accounts payable and expense reimbursements, treasury operations, internal controls, tax management, international funds/consolidation, and global trade services.

9.0Manage Financial Resources   
9.1 Perform planning and management accounting
9.1.1  Perform planning/budgeting/forecasting   Develop and maintain budget policies and procedures   Prepare periodic budgets and plans   Operationalize and implement plans to achieve budget   Prepare periodic financial forecasts   Perform variance analysis against forecasts and budgets
9.1.2  Perform cost accounting and control   Perform inventory accounting   Perform profit center accounting   Perform cost of sales analysis   Perform product costing   Perform variance analysis   Report on profitability
9.1.3  Perform cost management   Determine key cost drivers   Measure cost drivers   Determine critical activities   Manage asset resource deployment and utilization
9.1.4  Evaluate and manage financial performance   Assess customer and product profitability   Evaluate new products   Perform life cycle costing   Optimize customer and product mix   Track performance of new-customer and product strategies   Prepare activity-based performance measures   Manage continuous cost improvement
9.2 Perform revenue accounting  
9.2.1  Process customer credit   Establish credit policies   Analyze/Approve new account applications   Analyze credit scoring history   Forecast credit scoring requirement   Review existing accounts   Produce credit/collection reports   Reinstate or suspend accounts based on credit policies
9.2.2  Invoice customer   Maintain customer/product master files   Generate customer billing data   Transmit billing data to customers   Post receivable entries   Resolve customer billing inquiries
9.2.3  Process accounts receivable (AR)   Establish AR policies   Receive/Deposit customer payments   Apply cash remittances   Prepare AR reports   Post AR activity to the general ledger
9.2.4  Manage and process collections   Establish policies for delinquent accounts   Analyze delinquent account balances   Correspond/Negotiate with delinquent accounts   Discuss account resolution with internal parties   Process adjustments/write off balances   Perform recovery workout   Manage default accounts
9.2.5  Manage and process adjustments/deductions   Establish policies/procedures for adjustments   Analyze adjustments   Correspond/Negotiate with customer   Discuss resolution with internal parties   Prepare chargeback invoices   Process related entries
9.3 Perform general accounting and reporting
9.3.1  Manage policies and procedures   Negotiate service-level agreements   Establish accounting policies   Publish accounting policies   Set and enforce approval limits   Establish common financial systems
9.3.2  Perform general accounting   Maintain chart of accounts   Process journal entries   Process allocations   Process period end adjustments   Post and reconcile intercompany transactions   Reconcile general ledger accounts   Perform consolidations and process eliminations   Prepare trial balance   Prepare and post management adjustments
9.3.3  Perform fixed-asset accounting   Establish fixed-asset policies and procedures   Maintain fixed-asset master data files   Process and record fixed-asset additions and retires   Process and record fixed-asset adjustments, enhancements, revaluations, and transfers   Process and record fixed-asset maintenance and repair expenses   Calculate and record depreciation expense   Reconcile fixed-asset ledger   Track fixed-assets including physical inventory   Provide fixed-asset data to support tax, statutory, and regulatory reporting
9.3.4  Perform financial reporting   Prepare business unit financial statements   Prepare consolidated financial statements   Perform business unit reporting/review management reports   Perform consolidated reporting/review of cost management reports   Prepare statements for board review   Produce quarterly/annual filings and shareholder reports   Produce regulatory reports   Perform legal and management consolidation
9.4 Manage fixed-asset project accounting 
9.4.1  Perform capital planning and project approval   Develop capital investment policies and procedures   Develop and approve capital expenditure plans and budgets   Review and approve capital projects and fixed-asset acquisitions   Conduct financial justification for project approval
9.4.2  Perform capital project accounting   Create project account codes   Record project-related transactions   Monitor and track capital projects and budget spending   Close/capitalize projects   Measure financial returns on completed capital projects
9.5 Process payroll   
9.5.1  Report time   Establish policies and procedures   Collect and record employee time worked   Analyze and report paid and unpaid leave   Monitor regular, overtime, and other hours   Analyze and report employee utilization
9.5.2  Manage pay   Enter employee time worked into payroll system   Maintain and administer employee earnings information   Maintain and administer applicable deductions   Monitor changes in tax status of employees   Process and distribute payments   Process and distribute manual checks   Process period-end adjustments   Respond to employee payroll inquiries
9.5.3  Manage and process payroll taxes   Develop tax plan   Manage tax plan   Calculate and pay applicable payroll taxes   Produce and distribute employee annual tax statements   File regulatory payroll tax forms
9.6 Process accounts payable and expense reimbursements
9.6.1  Process accounts payable (AP)   Verify AP pay file with purchase order vendor master file   Maintain/Manage electronic commerce   Audit invoices and key data in AP system   Approve payments   Process financial accruals and reversals   Process payables taxes   Research/Resolve payable exceptions   Process payments   Respond to AP inquiries   Retain records   Adjust accounting records
9.6.2  Process expense reimbursements   Establish and communicate expense reimbursement policies and approval limits   Capture and report relevant tax data   Approve reimbursements and advances   Process reimbursements and advances   Manage personnel accounts
9.6.3  Manage corporate credit cards   Establish corporate credit card policies and approval limits   Process corporate credit card requests   Order corporate credit cards   Manage corporate credit card accounts   Approve/Change credit limits   Cancel/Deactivate credit card
9.7 Manage treasury operations  
9.7.1  Manage treasury policies and procedures   Establish scope and governance of treasury operations   Establish and publish treasury policies   Develop treasury procedures   Monitor treasury procedures   Audit treasury procedures   Revise treasury procedures   Develop and confirm internal controls for treasury   Define system security requirements
9.7.2  Manage cash   Manage and reconcile cash positions   Manage cash equivalents   Process and oversee electronic fund transfers (EFTs)   Develop cash flow forecasts   Manage cash flows   Produce cash management accounting transactions and reports   Manage and oversee banking relationships   Analyze, negotiate, resolve, and confirm bank fees
9.7.3  Manage in-house bank accounts   Manage in-house bank accounts for subsidiaries   Manage and facilitate inter-company borrowing transactions   Manage centralized outgoing payments on behalf of subsidiaries   Manage central incoming payments on behalf of subsidiaries   Manage internal payments and netting transactions   Calculate interest and fees for in-house bank accounts   Provide account statements for in-house bank accounts
9.7.4  Manage debt and investment   Establish investment policy   Manage financial intermediary relationships   Manage liquidity   Manage issuer exposure   Process and oversee debt and investment transactions   Process and oversee foreign currency transactions   Produce debt and investment accounting transaction reports   Process and oversee interest rate transactions
9.7.5  Monitor and execute risk and hedging transactions   Develop risk management/hedging strategy   Manage interest rate risk    Manage interest rate market data    Determine interest rate exposure for all markets    Determine interest rate hedge requirements in accordance with risk policy    Execute interest rate trades   Manage foreign exchange risk    Manage foreign exchange market data    Determine foreign exchange exposure for all currencies    Determine foreign exchange hedge requirements in accordance with risk policy    Execute foreign exchange trades    Manage foreign exchange balance sheet risk   Manage exposure risk    Determine current customer exposures and limit exceptions    Resolve customer exposure limit violations    Manage customer collateral    Perform annual customer credit reviews   Execute hedging transactions    Measure physical positions    Establish hedges    Unwind hedges    Evaluate and refine hedging positions    Monitor credit   Produce hedge accounting transactions and reports
9.7.6  Manage financial fraud/dispute cases
9.8 Manage internal controls  
9.8.1  Establish internal controls, policies, and procedures   Establish board of directors and audit committee   Define and communicate code of ethics   Assign roles and responsibility for internal controls   Define business process objectives and risks   Define entity/unit risk tolerances
9.8.2  Operate controls and monitor compliance with internal controls policies and procedures   Design and implement control activities   Monitor control effectiveness   Remediate control deficiencies   Create compliance function   Operate compliance function   Implement and maintain controls-related enabling technologies and tools
9.8.3  Report on internal controls compliance   Report to external auditors   Report to regulators, share-/debt-holders, securities exchanges, etc.   Report to third parties   Report to internal management
9.9 Manage taxes   
9.9.1  Develop tax strategy and plan   Develop foreign, national, state, and local tax strategy   Consolidate and optimize total tax plan   Maintain tax master data
9.9.2  Process taxes   Perform tax planning/strategy   Prepare tax returns   Prepare foreign taxes   Calculate deferred taxes   Account for taxes   Monitor tax compliance   Address tax inquiries 
9.10 Manage international funds/consolidation
9.10.1  Monitor international rates 
9.10.2  Manage transactions 
9.10.3  Monitor currency exposure/hedge currency
9.10.4  Report results  
9.11 Perform global trade services  
9.11.1  Screen sanctioned party list 
9.11.2  Control exports and imports 
9.11.3  Classify products  
9.11.4  Perform currency conversion 
9.11.5  Calculate duty  
9.11.6  Communicate with customs 
9.11.7  Document trade  
9.11.8  Process trade preferences 
9.11.9  Handle restitution  
9.11.10  Prepare letter of credit 


Process and performance improvement, helps organizations adapt to rapidly changing environments, build new and better ways to work, and succeed in a competitive marketplace. With a focus on productivity, knowledge management, benchmarking, and quality improvement initiatives, organisations such as the APQC works with its member organizations to identify best practices; discover effective methods of improvement; broadly disseminate findings; and connect individuals with one another and the knowledge, training, and tools they need to succeed.
This APQC Process Classification Framework® (“PCF”) is an open standard developed by APQC, a nonprofit that promotes benchmarking and best practices worldwide. The PCF is intended to facilitate organizational improvement through process management and benchmarking, regardless of industry, size, or geography. To download the full PCF or industry-specific versions of the PCF, as well as associated measures and benchmarking, please visit www.apqc.org/pcf.

APQC logo


Sponsor information

APQC logo

Latest News