Financial Transactions and Reporting
Financial transactions and reporting are essential in running an enterprise. They assist companies to comply with the requirements of regulatory agencies and laws. For example, public companies have to submit to governing bodies such as the Securities Exchange Commission reports to prove that they adhere to financial accounting rules. They also need to submit tax returns to their tax authorities to show that they conform to the tax laws of corporations.
The reporting that a business does helps to identify cash outflows and inflows, to allow the company to prepare for the future and anticipate threats and opportunities. Additionally, finance teams have a responsibility to keep the company informed of areas where there may be risks or challenges. This involves helping businesses understand the significance of cash flow and how it is monitored.
A crucial aspect of good financial reporting is to have clear and concise descriptions of each transaction. This is particularly important when it comes to documents such as cash statements, deposit modifications and requisitions, orders, bills and travel expense reports. A well-written description is capable of revealing the specific purchase so that it can be distinguished from others in traditional ledgers and Finance Mart reports.
FINTRAC uses financial data provided by the public to investigate suspicious activities, such as money laundering and financing of terrorists. FINTRAC identifies patterns and trends by looking at reports from banks, credit unions as well as money service businesses and casinos, as well as data from other sources.
FINTRAC’s purpose is to protect the Canadian economy and the public from the profits of crime. To accomplish this, it works with companies and law enforcement partners to stop the financing of terrorists and money laundering by detecting patterns of suspicious activity and sharing actionable intelligence with stakeholders.