The Finance Department is responsible for financial planning and analysis, internal risk management and controlling, treasury management and financial accounting and reporting. The Department plays a key role in shaping both short and long-term business strategies towards fulfilling the mission and vision of the Company.
The Finance Department has two main sections – Financial Analysis and Planning and Financial Accounting. The latter takes care of payables and financial reporting whereas the former is responsible for financial planning, budgeting and cost accounting.
In sum, the Department is essentially a service provider. It provides cost effective and efficient accounting and financial management services to management, the Board and other interested stakeholders. The following are summary of the functions of the Department.
- Carrying out treasury and cash management functions – efficient working capital management
- Developing and maintaining effective systems of internal controls
- Developing and ensuring adherence to accounting policies and procedures
- Preparing and monitoring the annual budgets and forecasts
- Ensuring compliance with applicable statutes, regulations and financial reporting standards
- Providing sound advice on the financial and tax implications of business decisions
- Preparing monthly management accounts
- Preparing annual financial statements and liaising with external auditors for statutory audits
- Managing risks generally
- In the area of financing and investment decision-making, the Department leads efforts and helps shape/reshape strategic discourse by undertaking critical financial analysis and providing insights into strategic initiatives in ways that provide context, nuance and understanding from financial management perspective.
