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finance

 Management of Financial Resources and Accounting

Financial considerations are at the root of all major business decisions. Clear budgetary planning is essential for both the short and long term, and companies need to know the financial implications of any decision before proceeding. In addition, care must be taken to ensure that financial practices are in line with all statutory legislation and regulations. All funds must be spent in accordance with University policy, and operating needs met within available budgets. Units are responsible for internal financial management, and to develop budgeting, financial reporting and management practices. Units are encouraged to develop an oversight process that builds on best practices.

 

Activities and responsibilities

 

     - Providing and interpreting financial information;

 

     - Monitoring and interpreting cash flows;

 

     - Analyzing change and advising accordingly;

 

     - Formulating strategic and long-term business plans;

 

     - Researching and reporting on factors influencing business performance;

 

     - Analyzing competitors and market trends;

 

     - Developing financial management mechanisms that minimize financial risk;

 

     - Conducting reviews and evaluations for cost-reduction opportunities;

 

     - Managing a company's financial accounting, monitoring and reporting systems;

 

     - Liaising with auditors to ensure annual monitoring is carried out;

 

     - Developing external relationships with appropriate contacts, e.g. auditors, solicitors, bankers;

 

     - Producing accurate financial reports to specific deadlines;

 

     - Managing budgets;

 

     - Arranging new sources of finance for a company's debt facilities;

 

     - Supervising staff;

 

     - Keeping abreast of changes in financial regulations and legislation.

 

     - Develop Periodic Financial Reporting and Monitoring

 

     - Oversee the overall corporate budgeting preparation, management and monitoring processes.

 

     - Perform financial analysis, reporting and management activities.

 

     - Ensure that the financial reports are prepared and delivered on time.

 

     - Review financial data for accuracy, correctness and completeness.

 

     - Monitor and manage all expense within the allotted budget.

 

     - Establish key financial strategies to enhance business profitability.

 

    - Ensure financial team follows company policies and regulations.

 

    - Develop standard accounting procedures to improve financial operations efficiency.

 

    - Participate in performance evaluation of finance staff and conduct counseling sessions to identify skill development needs.

 

     - Review annual budgets and recommend any changes if needed.

 

     - Assist in account payable and receivable activities.

 

     - Perform account reconciliation activities.

 

     - Generate financial reports related to budgets, account payables, account receivables, expenses, etc.

 

     - Ensure accurate calculation and distribution of salaries and other benefits to employees.

 

     - Establish accurate forecasts regarding expenses and revenues and manage regular reporting requirements.

 

     - Monitor competitor activity and stay updated about latest industry trends.

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