CorporateWala

CorporateWala

Pre Instructions:
• Keep Yourself on Mute,
• Wait for me to explain the topic first,
• After covering one topic, if you still have
any questions, raise hands,
• 110% efforts & focus
• Its going to be a two way communication
• No Question is Stupid Question
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Finance Processes
What is:
• Procure to Pay (P2P),
• Order to Cash (O2C),
• Record to Report (R2R),
• Financial Planning & Analysis (FPNA/FP&A)
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CorporateWala
Trading, Finished Goods, Profit & Loss Calculation,
How to Grow?
Manufacturing Products and Services Balance Sheet Preparation
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Procure to Pay Order to Cash Record to Report Financial Planning &
- Procurement, -Order Management, - General Accounting (GL), Analysis
- Accounts Payable -Accounts Receivable - Fixed Assets -Center of
Excellence (COE)
etc.
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• Procure to Pay (P2P),

• Order to Cash (O2C),
• Record to Report (R2R),
• Financial Planning & Analysis (FPNA/FP&A)
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99.99% times, this will be the first question of the interview. It's important to make a
good impression with your response. Here are some tips for answering this question

• Keep it Short & Precise - You don't need to go into your entire life story. Focus on the most relevant information related
to this job.
• Highlight your Skills and Experience - Discuss about your work history & highlight the key skills and experience that
make you a good fit for the job, if you are a fresher, discuss about your college school experiences, like your accounting,
communication, team skills etc.
• Keep it Positive – Talk about only positive experiences – like sharing your work/ academic achievement
• Personal Traits - Highlight any relevant personal traits that make you a good candidate – like you are a keen learner
• Sound Confident - Plan your answer in advance, list down the things you want to talk about in your introduction, write
a proper introduction for interview based on these points and practice them
as many times as you can before going for actual interview.
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I'm a recent ______graduate from _______university. Accounting has been my core interest area from my school days.
And I want to pursue my career in the accounting and finance field. During my time in college, I completed several
internships and certifications where I gained experience in accounting and finance. Outside of work I like listening to
music, playing cricket (talk about your hobbies & interest, but don’t over do it, mention only 1 or 2). Accenture is my
dream company and I'm passionate about using my skills and knowledge, that’s why I am here today and would like to
begin my career with a reputed organization like Accenture.

Tip- If you have not done any certifications, you can talk
about any school/college project related to Accounting and
Finance, for example in my school we did a balance sheet
analysis project in 12th Standard where teacher formed a
group of 4 people and we calculated various rations of Actual
organizations
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Thank you for giving me this opportunity, currently I am working with ____(your current organization) for ___ years.
My main roles and responsibilities include ___________(mention 4-5 key responsibilities, but don’t start explaining
how you perform those activity, you just need to mention what you do in your current role, not how you do it), before
__(your current organization name), I was working with _____(your previous company), where I worked on
____(mention 1-2 key areas, like reconciliations, month end close activities) and learned a lot and gain experience.
Talking about my qualification I am a ____(mention your highest qualification). During my time in college/current
organization, I completed several certifications (mention their names only). I am excited to be here and would like the
opportunity to work with Accenture.

Tip- Practice your answer and make sure you don’t over
explain things, keep your introduction 60-80 seconds
maximum, covering all the key skills, experiences,
qualification.
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It's important to highlight qualities that demonstrate your potential value as an employee.
Mentioning a strength that is connected to the position that you are interviewing for will strengthen your answer.

• Focus on Relevant Strengths: Talk about the strengths that are

relevant to the job you're applying for. Look at the job description
and requirements to identify the skills and qualities the company is
seeking.

Example – In a Javelin Throw player selection meeting, talking about

you are a good team player wont help you much as its an Individual
sports.
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• Back Your Strengths with Proper Example: Give specific examples of how you've used your strengths in previous
jobs or projects.

Example – One of my strengths is my analytical ability, during the year end, there was a new team mate who was
unable to identify some variances in one of his critical reconciliations, I have previous expertise of working on
reconciliation, I used my knowledge and analytical ability and helped him in identifying the outages.

Tip- Give an Example specific to your such experience to back your

strengths.
Tip – In the above example along with backing my strength , I also shared
the hidden message that I have experience of working on recons & also I
helped my team mate (i.e. team player).
So that’s how you should plan your answers, short & precise but more
impactful answers.
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Don’t be over smart while answering this question, some people try to answer their strengths in a way that it’s a
weakness.
Example – My Weakness is I am a workaholic, sometimes for meeting deadlines I tend to work for long hours without
taking rest.

If you try to be over smart it will leave an impression of dishonestly or unawareness about your own weakness,
remember interviewer is smarter than you, he takes more interviews in a day than you have appeared in your entire
life. And he will be easily able to catch you if you try to lie or give internet answers.

• What should you do then?: Be honest and mention the areas you
think you need to improve on, things like presentation skills, soft
skills like communication, advance excel are few of the things you
can mention while answering the weakness.

Important Note – Do not mention a basic requirement of job as

your weakness, example - you mention things like you cant do
multiple things at once (multi-tasking).
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I don’t think I have any professional weakness, instead I see them as my areas of
Improvement, if I talk about my current areas of improvement on which I am currently
working on ______

After starting like that, you can mention your 1-2 areas of improvement.
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If you don't have a pre-planned answer, this question is tough to answer. It's designed to see-

• How ambitious you are for your career,

• How long you are planning to stay with the company,
• Are you someone who frequently switch company.

When answering, remember to think about what you want to be doing in five years. The key is to think long-term,
not short-term. All of us want a good salary and position but primary focus of your answer should be towards
learning. What are the things you want to learn in next 5 years, what are the skills you are going to develop over
the next 5 years so you become an expert in your field.

Assignment – After the class write an email or send WhatsApp message ‘what will be
your answer of this question’
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• Do not speak bad about others, instead try to focus on your key strengths and skills which will help
you in performing your roles and responsibilities efficiently in the role for which you have applied.

• Talk about your relevant educational background and previous experience which might come
handy/useful in your new role, if they hire you.

• Demonstrate that you are excited about the opportunity to work for the company and how your
skills and experience can contribute to their success.
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I believe that my skills and experience make me a strong fit for the role. With my ___(mention skills & experience),
I am confident that I will be able to successfully preform my responsibilities in this new role and I can make
significant contributions to the team’s success.

For example, As I mentioned earlier in my current role at CorporateWala.in Ltd, I used my analytical and
reconciliation knowledge and skills to not just perform my activities but also support my team mates.
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Now answering this question can be tricky if you have not done your research properly, some time spend
on research by you can make a huge impact in the interview and give you an significant edge over other
candidates.

It is an opportunity for you to show the interviewer that you have done your research on the company
and that you are genuinely interested in the job and the organization.

• Talk about what are the things you like about the organization.

• Few things you can focus on are company’s work culture, work life balance, learning opportunity
company provides, career growth opportunities etc.
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Based on my research I have got to know that _____(company in which you have applied) provides an amazing
working environment, I have heard from my friends/colleagues that ______ (company name in which you are
trying to get a job) is known for providing various leaning and career growth opportunities to its employees. In
addition to this working in a comply like _____ will also help me achieving my professional goals, that’s why I am
so excited about this opportunity.
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Now this question is more important than you realize, even after doing everything right in the entire
interview you might end up getting paid less than you deserve if you don’t know how much amount you
should quote.

Quoting an expectation much higher amount then the company’s budget might result in rejection as well.

• Do your research based on your profile, education, experience and try to identify what
are the industry standard for similar jobs

• Last but most Important point, do not quote a fixed amount, instead use a slab range, like between
7-8 LPA.
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Job Role Related : Could you please tell me more about the role, is it a Individual
Contributor (IC) role or I will be working in a team?

Team Related : Can you tell me about the team I’ll be working with?

PERFORMANCE RELATED : How will you measure my success, and how will I know that I’ve
met your expectations?

PROACTIVENESS RELATED : What are the biggest challenges that someone in this position
would face?
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Three types of Accounts :

Personal Debit the Receiver credit the Giver

Real Debit what comes in, Credit what goes out

Nominal Debit All Expenses and Losses Credit All

Income and Gains
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Example: Recognition of revenue earned but not yet received:

CorporateWala.in Company provides consulting services to a client in December, but the client does not pay until
January. The total amount billed to the client is $50,000.
December 31 journal entry: December 31 journal entry:

Entry 1 Entry 2
Accounts Receivable Dr. $50,000 Service Revenue Dr. $50,000
To Service Revenue $50,000 To P&L A/c $50,000

January: Entry 3

Bank Account Dr $50,000

To Accounts Receivable Account $50,000
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Example: Recognition of expense incurred but not yet paid:

Salary of $10000 due in March, but paid on 7th April. What would be the JE on 31st March?

In March: Entry 1 In March: Entry 2

P&L A/c Dr. $10000 Salary A/c Dr. $10000

To Salary A/c $10000 To Salary Payable A/c $10000

On 7th April: Entry 3

Salary Payable A/c Dr. $10000

To Bank A/c $10000
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Example: Amount of $2000 paid on 31st March for Rent of April

31st March When Rent due in April

Entry 1 Entry 2
Prepaid Rent A/c Dr. $2000 P&L A/c Dr. $2000
To Bank A/c $2000 To Rent A/c $2000

Entry 3
Rent A/c Dr. $2000
To Prepaid Rent A/c $2000
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Example: CorporateWala.in received $1000 from candidates for e-books on 31st March, but the e-books were sent
on 10 April. Record the JE in the books of CorporateWala.in on 31st March & on 10th April:

31st March 10th April

Entry 1 Entry 2
Bank A/c Dr. $1000 Deferred Revenue A/c Dr. $1000
To Deferred Revenue A/c $1000 To Revenue A/c $1000

Entry 3
Revenue A/c Dr. $1000
To P&L A/c $1000
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Example: CorporateWala.in sold fixed assets (original cost of $60000) for $65000. Accumulated Depreciation till
date was $10000, prepare JE:

Bank A/c Dr. $65000

Accumulated Depreciation A/c Dr. $10000
To Fixed Assets A/c $60000
To Profit on Sale of Fixed Assets A/c $15000

Example: CorporateWala.in sold fixed assets (original cost of $60000) for $35000. Accumulated Depreciation till
date was $10000, prepare JE:

Bank A/c Dr. $35000

Accumulated Depreciation A/c Dr. $10000
Loss on Sale of Fixed Assets A/c Dr. $15000
To Fixed Assets A/c $60000
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Example: Accounts receivable of $1000 considered as bad debts

P&L A/c Dr. $1000

To Bad Debts A/c $1000

Bad Debts A/c Dr. $1000

To Accounts Receivable A/c $1000
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Example: Bad debts written of $1500 is recovered now

Bank A/c Dr. $1500

To Bad Debts Recovered A/c $1500

Bad Debts Recovered A/c Dr. $1500

To P&L A/c $1500
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Domain Specific
Questions
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Tip - Remember my Vasooli Bhai Story

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Journal Entries
A journal entry is the method used to record all individual financial transactions made
by a company into its books of accounts.
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Importance of Journal Entries

Journal entries are critical for maintaining:

• Accurate financial records,

• Generating reliable financial statements,
• Supporting the auditing process
• Ensuring compliance with accounting standards
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Importance of Journal Entries

Legal requirements: It is a legal requirement for businesses to prepare financial statements and file
them with the relevant regulatory bodies And without booking JE, business won’t be able to prepare
the FS and meet the legal requirements

Accrual accounting: Journal entries are an essential part of accrual accounting. Accrual accounting
recognizes revenue when it is earned and expenses when they are incurred, regardless of when the
cash is received or paid out. Journal entries help Businesses ensure that revenues and expenses are
recorded in the correct period, even if no cash changes hands.

Facilitating decision-making: Journal entries help businesses make informed decisions by providing a
clear picture of their financial position. By analyzing journal entries, businesses can identify areas
where they can cut costs, increase revenue, Increase Profitability and improve efficiency.
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Importance of Journal Entries

Providing historical context: Journal entries provide a historical record of a business's financial
activities, which can be used to identify trends, evaluate performance, and plan for the future. By
reviewing past journal entries, businesses can gain insights into their financial operations and make
strategic decisions for future based on that information.
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Account Reconciliation
Account reconciliation is the process by which the information in an account is
confirmed to be correct and accurate. To reconcile account transactions, we should
compare the details of transactions to documents provided by an outside source, like a
bank or supplier vendor. These documents include but not limited to invoices, receipts,
and transaction statements.

Balance sheet Accounts = Balance Sheet Reconciliation

Bank Accounts = Reconciliation Reconciliation
Vendor Accounts = Vendor Reconciliation
Customer Accounts = Customer Reconciliation
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What is Record to Report?

Record to Report is a business process finance and accounting professional use to collect,
process and present financial data. The R2R process contains a series of activities that
starts with recording transactions and ends with the production of financial statements.

Collect Process Present

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Key Components of the Record to

Report Process
Record: The first step in the R2R process is to record financial transactions in the company's
accounting system. This includes capturing data such as invoices, receipts, and other supporting
documentation.
Reconcile: Once the transactions have been recorded, the next step is to reconcile accounts. This
involves comparing the information in the accounting system to external data sources such as bank
statements or vendor invoices.
Review: After reconciling accounts, the data is reviewed for accuracy and completeness. Any errors
or discrepancies are identified and corrected.
Adjust: Adjustments are made to the accounting system to reflect any corrections or changes that
were made during the review process
Report: The final step in the R2R process is to produce financial reports such as the income
statement, balance sheet, and cash flow statement. These reports provide an overview of the
company's financial performance and position.
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What is Bank Reconciliation?

Bank reconciliation is the process of comparing the balances in a company's accounting
records to the corresponding information on a bank statement. The objective of bank
reconciliation is to identify any discrepancies between the two sets of records and
reconcile them to ensure accurate financial reporting.
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Steps involved in the Bank Reconciliation

Process:
Obtain a copy of the bank statement: The first step in the bank reconciliation process is to obtain a
copy of the bank statement for the period under review.

Compare bank statement to accounting records: Next, compare the transactions listed on the bank
statement with the transactions recorded in the accounting records. This comparison should include
deposits, withdrawals, and any other charges or credits
Identify discrepancies: Identify any discrepancies between the bank statement and the accounting
records. This could include transactions that are missing or recorded incorrectly.
Adjust accounting records: Make adjustments to the accounting records to correct any errors or
omissions that were identified in step 3.
Reconcile Balances: Reconcile the ending balance on the bank statement to the ending balance in
the accounting records. Any differences should be investigated and resolved.
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Steps involved in the Bank

Reconciliation Process:
Record adjustments: Once the discrepancies have been resolved, any necessary adjustments should
be recorded in the accounting system.

Update accounting records: Finally, update the accounting records to reflect the corrected balances
and transactions.

Bank Reconciliation helps companies in ensuring that their financial records are accurate and up-to-
date, and that they have a clear understanding of their cash position.
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What is Charts of Accounts (COA)

A chart of accounts (COA) is a list of all the financial accounts in the general ledger of a company
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Difference Between Reserves & Provisions

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What is Impairment of Assets?

Impairment involves an unexpected and drastic drop in the fair value of an asset below its
recorded cost. Impairment may be triggered by a range of factors including changes in market
conditions, technological advancements, economic downturns, or physical damage to the asset.
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Story Time
How I Got My First Mobile
 Procure to Pay

Identifying the
Payment to Vendor
Requirement/Need

P2P
Vendor Shipment Purchase Requisition
Cycle

Identifying the Vendor Purchase Order

No Entry
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Steps involved in Procure to Pay Process:

Identifying the Need: The P2P cycle begins with identifying the need for goods or services. This can be done
through raising a purchase requisition, where an employee or department requests the goods or services
they need.
Purchase order (PO) creation: Once a vendor has been selected, a purchase order (PO) is created
that specifies the quantity, price, and delivery date for the goods or services.

Vendor Selection: The next step is to select a vendor who can provide the goods or services that are
needed. This involves evaluating potential vendors based on factors such as price, quality, and delivery time.

Vendor Shipment - The vendor delivers the goods or services to the buyer, and the buyer confirms
receipt and checks for accuracy.

Payment to Vendor : The last step of P2P process is payment to vendors for the goods or services.
 Order to Cash

Cash Application Order Entry

(Booking the receipts) (Receiving Order)

Collection O2C Order Processing

(Receiving Payment) Cycle (picking, packing &shipping)

Invoicing Delivery
(Generating Invoice) (Directly or Third Party)
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Steps involved in Order to Cash Process:

Order entry: The O2C cycle begins with the receipt of a customer order. This may occur through a variety of
channels, such as online, phone, or email. The order is entered into the company's order management system.

Order processing: Once the order has been entered, it is processed by the company's fulfillment team. This
may involve picking, packing, and shipping the product, as well as generating invoices and other
documentation.

Delivery: The product is shipped to the customer, either directly from the company or through a third-party
logistics provider.

Invoicing: Once the product has been delivered, the company generates an invoice and sends it to the
customer.
Payment Collection : The customer reviews the invoice and makes payment. Payment may be made through a
variety of channels, such as credit card, check, or electronic funds transfer. If payment is not received on time,
the company may need to follow up with the customer to collect payment.
Cash Application : Once payment has been received, the company applies it to the appropriate customer
account.
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What is Procure to Pay?

P2P is a business process which starts with creation of a purchase requisition, followed by
PO creation, vendor shipment, receiving goods and invoice and finally ends at payment to
vendor and recording the transaction in books of accounts

What is Order to Cash?

O2C is a business process which starts with receiving customer order, fulfilling it, raising a
bill against the order, receiving cash from customers and booking the cash in the books of
account.
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What is Accounts Payable?

Accounts payable is a liability account in a company's financial records that tracks the money
owed by the company to its vendors, suppliers, or creditors for goods or services received but
not yet paid for. In other words, accounts payable is the amount of money that a company
owes to its creditors for the goods or services that have been received but not yet paid for.

What is Accounts Receivable?

Accounts receivable is a current asset account on a company's balance sheet that represents
money that the company is owed by its customers for goods or services that have been sold
but not yet paid for. Accounts receivable arise when a company extends credit to its
customers or allows them to pay for products or services over a period of time, rather than
requiring immediate payment at the time of purchase
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Managing Vendor Relationships?

Vendor Management involves maintaining good relationships with vendors, monitoring vendor
performance, and negotiating favorable terms and pricing. I have experience in managing vendor
relationships by building strong communication channels, ensuring prompt payments, and resolving any
issues that may arise. I believe in treating vendors with respect and understanding their business needs
to maintain a long-term relationship

Managing Customer Relationships?

Executing all the order to cash process steps are crucial for maintaining good relationship with
Customers. I have experience in managing customer relationships by building strong
communication channels, building and maintaining strong connections with customers to enhance
customer satisfaction, increase loyalty, drive revenue growth, and resolving any issues that may
arise.
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Purchase Order - Purchase order is a document

generated by purchase department to the
vendor of goods/services. Purchase order
contains details like po number, po creation date,
supplier name, what products/services are
required, their quantity, by when they are
required.
Purchase Requisition - Purchase requisition is
a document generated by the user department
to purchase department. Purchase requisition
contains details like what products/services
are required, their quantity and by when they
are required.
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Invoice - An invoice, also known as a bill, is a

formal document created by a seller and sent to a
buyer, which lists the details of the products or
services provided, such as quantities and agreed
prices. The invoice serves as a request for
payment, outlining the amount that the buyer
owes the seller according to the agreed-upon
payment terms

PO Invoice – Where PO is available, The purpose of a PO invoice is to

ensure that the goods or services received match what was ordered and
agreed upon

Non PO Invoice – Where PO is not available, generally it is used for small

or one time purchase that do not require a PO.
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What is 3 way matching?

3 Way Matching is a process of comparing Purchase order, goods receipt
note and suppliers invoice before making the payment to supplier.

Pro Tip: Similar to 3 way matching, we have 2 way matching where we compare
the Invoice with PO
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Journal Entries
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Purchase of Inventory/Raw Material

Purchase A/C DR.

To Accounts Payable A/C
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Vendor Shipment Received

Inventory A/C DR.

TO GR/IR A/C

During the time between the invoice being created and delivery of goods, there can be a
timing difference, in order to accommodate this timing difference; a GR/IR account is
maintained temporarily to record the flow.
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Invoice Received from Vendor

GR/IR A/C DR.

TO Vendor Account

During the time between the invoice being created and delivery of goods, there can be a
timing difference, in order to accommodate this timing difference; a GR/IR account is
maintained temporarily to record the flow.
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Payment Proposal

Vendor Account DR.

TO Bank Clearing Account
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Payment

Bank Clearing Account DR.

To Bank Account
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Invoice Creation (O2C)

Accounts Receivable Account DR.

To Sales Revenue Account
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Payment Collection (O2C)

Bank Account DR.

To Accounts Receivable Account DR.
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Contact Us
Ankit Yadav
Corporate Wala
Corporate Wala
Corporate Wala
Corporatewala.in
[email protected]
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Thank You!