Example SOPs: Bursar

Bursar SOPs

Creating Standard Operating Procedures for your Bursar work can be difficult and take time. That’s why we’ve created these example Bursar SOPs so you can jumpstart your SOP creation process. We want to help you set up your Finance systems and processes by taking these sample SOPs and building out your own SOPs template library. By having all your Finance procedures in one place, your team will have the information they need at all times. Let’s look at some Bursar SOP examples.

Bursar SOP Examples

1. Cash Handling and Deposits SOP: The purpose of this SOP is to outline the procedures for handling cash and making deposits in a secure and efficient manner. It includes guidelines for counting and verifying cash, preparing deposit slips, and ensuring proper documentation. The scope of this SOP covers all cash transactions within the business, including cash received from customers, petty cash, and cash from other sources. The Bursar is responsible for overseeing and implementing this SOP. Reference to other SOPs may include the Cash Reconciliation SOP and the Petty Cash Management SOP.

2. Accounts Receivable Management SOP: This SOP aims to establish a systematic approach to managing accounts receivable, ensuring timely and accurate recording of customer payments, and minimizing outstanding balances. It outlines procedures for generating and distributing invoices, tracking payments, following up on overdue accounts, and reconciling discrepancies. The scope of this SOP covers all aspects of accounts receivable management within the business. The Bursar is responsible for overseeing and implementing this SOP. Reference to other SOPs may include the Credit Control SOP and the Customer Communication SOP.

3. Budgeting and Financial Planning SOP: The purpose of this SOP is to provide guidelines for developing and maintaining a comprehensive budget and financial plan for the business. It includes procedures for gathering financial data, analyzing trends, setting financial goals, and allocating resources. The scope of this SOP covers the entire budgeting and financial planning process within the business. The Bursar, in collaboration with the finance team, is responsible for implementing this SOP. Reference to other SOPs may include the Financial Reporting SOP and the Expense Management SOP.

4. Vendor Management SOP: This SOP outlines the procedures for managing vendor relationships, including vendor selection, contract negotiation, and ongoing vendor performance evaluation. It aims to ensure that the business engages with reliable and cost-effective vendors while maintaining high-quality standards. The scope of this SOP covers all vendor-related activities within the business. The Bursar, in coordination with the procurement team, is responsible for implementing this SOP. Reference to other SOPs may include the Purchase Order Processing SOP and the Vendor Payment SOP.

5. Financial Reporting and Analysis SOP: The purpose of this SOP is to establish guidelines for preparing accurate and timely financial reports, analyzing financial data, and providing meaningful insights to support decision-making. It includes procedures for data collection, financial statement preparation, variance analysis, and report distribution. The scope of this SOP covers all financial reporting and analysis activities within the business. The Bursar, in collaboration with the finance team, is responsible for implementing this SOP. Reference to other SOPs may include the Chart of Accounts SOP and the Internal Audit SOP.

6. Payroll Processing SOP: This SOP outlines the procedures for processing employee payroll accurately and efficiently. It includes guidelines for collecting and verifying time and attendance data, calculating wages, deducting taxes and other withholdings, and distributing paychecks or initiating direct deposits. The scope of this SOP covers all payroll-related activities within the business. The Bursar, in coordination with the HR department, is responsible for implementing this SOP. Reference to other SOPs may include the Employee Onboarding SOP and the Benefits Administration SOP.

7. Financial Controls and Compliance SOP: The purpose of this SOP is to establish a framework for maintaining financial controls, ensuring compliance with relevant laws and regulations, and safeguarding the business’s assets. It includes procedures for segregation of duties, internal controls testing, fraud prevention, and regulatory reporting. The scope of this SOP covers all financial control and compliance activities within the business. The Bursar, in collaboration with the internal audit team, is responsible for implementing this SOP. Reference to other SOPs may include the Expense Authorization SOP and the Audit Trail SOP

Bursar SOP Templates

Looking for SOP templates for your Bursar work? We’ve got you covered. You can build out your company SOPs using the sample SOP information above (added to our template) or our team can put together a starter SOPs template based on your Bursar work. Get in touch if you’ve got questions about the quickest way to build out your Finance SOPs library.