finance department presentation
TRANSCRIPT
The Finance Department (FD) work closely with the management act as professional advice and control service for the financial activities of the Company.
Departmental Meetings are held regularly, in which work related matters are discussed. Additionally the detail work in progress of each section in monitored through meetings between the Senior Staff and the Juniors for which they are responsible.
The FD help the other departments to meet their service objectives by acquiring services and goods, allocating the company’s financial resources, processing financial transactions, and providing information and analysis as a basis for decision making.
The Finance Department is committed to providing the highest levels of financial services to the Company.
This includes insuring that proper controls and procedures are in place to manage properly.
We constantly evaluate and balance the types and levels of services provided
Efficiencies are developed through staff training opportunities, teamwork and by providing employees with a challenging and fulfilling work environment.
The broad objectives of the Finance Department are to provide a timely, efficient and cost effective service :
Continuing to improve the level of operational efficiency of the Finance Department.
Maintaining effective working relationships with the rest of the Company.
Continuing to improve the quality of financial information supplied to departments.
Meeting the Reporting deadlines set by GAC Ensuring wide compliance with the Financial
Regulations.
• There are 10 members of staff in the department (including CFO) working as a Team with the following Key Areas of responsibility.
Chief Financial Officer
Asst. CostAccountant
Sr.Accountant
Cashier ICashier II
Financial Accountant
Credit Control & Recovery
Officer
Bank & Out-door Clerk
Asst. CreditOfficer
Assistant Accounts Officer
Trainee Assistant Accountant
Treasury Services Charges Cash Collection, Control of Borrowing
Requirements; Collection of Services Charges and Other Debts to Clients Payments
Creditors Payments, Supplier, Management of Creditors Ledgers.
TREASURY Control Responsible for all Treasury operations. General
responsibilities include Investments, Utility Billings, Collections, Debt Correspondence.
Control disbursement and reconciliation of all checks or withdrawals from treasury accounts. Provide Banking Services such as Checks, Endorsement stamps, Deposit tickets and placing stop payments.Cash Control
Collect, Record and Deposit funds for all Treasury transactions and ensure that the Deposits are made timely and accurately.
Account Receivable Maintains Accurate Account and Billing Records for
Other Accounts Receivable. Purchasing Services
Maintain and ensure compliance with purchasing policies and procedures.
Handle purchasing inquiries from Departments. Process purchasing requisition, Vendor Records and
Contract Documents. Assist staff in reducing cost of doing business by using more efficient procurement methods.
Bills Received from
SuppliersReceived Date & Finance Stamp
Bills Entered into Dolphin System
Dispatch to their Respective
Departments
H.O.D. Verify their respective
bills & Return to Finance Dept
After HOD verification GM approved bills
Financial approval by CFO, bills
update in Dolphin System
Account Payable Voucher dispatch for
Payment Process
Bank Payment Voucher Prepared & Entered in Dolphin
& Tax System
Cheques Print, CFO & GM approved all
payments
Cheques send to Directors for Signing
After Directors’ Signing Cheques
Dispatch to Vendors
Journal Update in Dolphin System
Flow Chart of Payable Bills & Payment Processing
Financial Accounting/Control Monthly Management Reports, Budget Settings and
Monitoring, Financial Planning, Capital Project Reporting.
Pay Roll Payroll Production, Income Tax Returns. Monitoring of Changes in Human Resources (Hires
and Terminations). Filing all reporting requirements with various
Government agencies; like SESSI, EOBI, Excise and Taxation, and provide assistance with Pay Change Calculations.
Systems Development Maintenance and development of financial systems
and procedures; Management of Payments section.
Insurance Monitoring of Existing Policies and Insurance Claims