A Finance department is a unit responsible for obtaining and handling any monies on behalf of the organization. The department controls the income and expenditure in addition to ensuring effective business running with minimum disruptions. Besides the traditional roles of handling the payroll, income, and expenses, finance department responsibilities also include economic analysis to improve key organization strategies.

What does a Finance department do?

A finance department has specific responsibilities to carry out daily. Its primary functions include:

1.     Accounting

Daily account record keeping is a finance department function that entails reconciling the organization’s financial registers to make suitable decisions. Through bookkeeping and income statement preparations, the unit supports the management in filing requisite financial data that are useful in managing funds.

2. Examining financial statements and reporting

By analyzing the organization’s financial statements, the finance department evaluates economic trends, identifies its future investment, and cultivates long-term organization plans. It uses and synthesizes financial analysis information to assist in organizational decision-making.

3. Preparing and forecasting budgets

The finance department plans and implements the organization’s fiscal year budget. The department also collects data that assists in the organization's temporary and permanent financial forecast. The information is essential in planning and providing informed decisions critical to expansion, such as staff training and asset procurement.

4. Managing operations systems

The finance department plays a significant part in acquiring, updating, and maintaining the latest operations systems to improve efficiency. A systems change may include automating various functions or digitalizing some organization's systems.

Depending on organization activities and skill set, we are working in the following other roles:

: To prepares financial statements and documents for monetary transactions and income statements. The accountant role has a seniority hierarchy, with the accounting manager being the topmost in the ranks.

: To prepare and maintain a balanced budget throughout the year. They plan for the future financial responsibilities of the organization.

: To oversee the activities performed by other finance roles, such as auditing and accounting. The finance controller audits and prepares financial reports on tax compliance and risk management, among another financial document

: To help plan and verify organization documents for completeness. Also, manage cash flows, prepare budgets, and present reports to management for advisory and accountability purposes.

: To prepare documentation related to employees' salaries, taxation, commissions, and any other benefit for timely and accurate payment.

KNOWLEDGE SKILLS AND EXPERIENCE

As the Finance Department, we know the following areas

                        i.         Quick book Accounting packages

We use the Quick book accounting system to post the transaction daily

                      ii.         Microsoft Excel

Preparation of reports using Microsoft Excel and other transactions.

                     iii.         Internet banking system (CRDB)

We use Internet banking systems to make our transactions like making transfers to CRDB and other banks, printing statements, checking balances, making payments like staff salaries, payments by using control numbers, etc.

                     iv.         Mobile payment (TIGO wallet)

All payments are made through mobile.