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    Finance Department Presentation

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    KMI77
    The Finance Department provides financial services and advice to management. It oversees the company's financial activities, acquires goods and services, allocates resources, and provides financial information and analysis to assist with decision making. The department aims to operate efficiently and effectively while maintaining proper controls and procedures. It holds regular meetings to discuss work and monitor progress. The broad objectives of the department are to provide timely, efficient, and cost-effective financial services to the company.

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    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd

    Finance Department Presentation

    Uploaded by

    KMI77
    14K views12 pages
    The Finance Department provides financial services and advice to management. It oversees the company's financial activities, acquires goods and services, allocates resources, and provides financial information and analysis to assist with decision making. The department aims to operate efficiently and effectively while maintaining proper controls and procedures. It holds regular meetings to discuss work and monitor progress. The broad objectives of the department are to provide timely, efficient, and cost-effective financial services to the company.

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    The Finance Department provides financial services and advice to management. It oversees the company's financial activities, acquires goods and services, allocates resources, and provides financial information and analysis to assist with decision making. The department aims to operate efficiently and effectively while maintaining proper controls and procedures. It holds regular meetings to discuss work and monitor progress. The broad objectives of the department are to provide timely, efficient, and cost-effective financial services to the company.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    14K views12 pages

    Finance Department Presentation

    Uploaded by

    KMI77
    The Finance Department provides financial services and advice to management. It oversees the company's financial activities, acquires goods and services, allocates resources, and provides financial information and analysis to assist with decision making. The department aims to operate efficiently and effectively while maintaining proper controls and procedures. It holds regular meetings to discuss work and monitor progress. The broad objectives of the department are to provide timely, efficient, and cost-effective financial services to the company.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    of 12
    At a glance
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    The key takeaways are that the Finance Department works closely with management to provide financial advice and services, such as acquiring goods and services, allocating financial resources, and providing financial information and analysis.

    The broad objectives of the Finance Department are to provide timely, efficient and cost effective services while continuing to improve operational efficiency, maintain effective relationships, improve financial information quality, meet reporting deadlines, and ensure compliance with financial regulations.

    The key staff members in the Finance Department include the Chief Financial Officer, Assistant Cost Accountant, Senior Accountant, Cashiers, Financial Accountant, Credit Control and Recovery Officer, Bank and Outdoor Clerk, Assistant Credit Officer, Assistant Accounts Officer, and Trainee Assistant Accountant, each with different areas of financial responsibility.

     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

    Credit Control &


    Asst. Cost Financial Sr.
    Recovery
    Officer Accountant Accountant Accountant

    Asst. Credit Trainee Assistant


    Officer Accountant

    Bank & Out- Cashier I


    Assistant door Clerk Cashier II
    Accounts Officer
    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.
    Flow Chart of Payable Bills & Payment Processing
    Bills Received from Received Date &
    Suppliers Finance Stamp
    Journal Update in
    Dolphin System

    Bills Entered into


    Dolphin System
    After Directors’
    Signing Cheques
    Dispatch to Vendors

    Cheques send to Dispatch to their


    Directors for Signing Respective
    Departments

    Bank Payment
    Voucher Prepared & Cheques Print, CFO H.O.D. Verify
    Entered in Dolphin & & GM approved all their respective
    Tax System payments bills & Return to
    Finance Dept

    Account Payable Financial approval After HOD


    Voucher dispatch for by CFO, bills verification GM
    Payment Process update in Dolphin approved bills
    System
    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

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