Accounting and Finance

The ACCOUNTING AND FINANCE Department takes charge of ensuring that company transactions are translated into figures which are reported to management in a complete and timely fashion. It revolves around accounting by profit centers. Good cash flow management is also key in running the financial side of the company . Its link with notable banks and finance organizations assists in the stability of the company.

The FINANCE DEPARTMENT is responsible for the handling of all treasury matters, banking relationships, the generation of external and internal funds for the business, and the management of currencies and cash flow.

The ACCOUNTING DEPARTMENT consists of four sections, namely Payroll, Costing, Equipment Dept (ED) and General Accounting:

Payroll Section

• This has overall responsibility for the payroll function. Its primary purpose is to pay the  salaries and wages to employees in an accurate and timely manner, to comply with the related governmental reports and remittances, and to provide information for management purposes. Payroll staffers have to be continuously updated with tax regulations pertaining to compensation.

Costing Section

• This section’s main function is to measure and allocate the cost of the services produced by the company, compare this to budgets where available, and analyze the variances, which are embodied in monthly Profit & Loss statements, which could help assist in determining possible changes in the way a project or center may be managed. They also ensure the timely billing and collection of receivables.

ED Accounting Section

• This section gathers and interprets data, income and expenses that is expressed in monthly Profit and Loss Statements which are used to measure the performance of the Equipment Department as a whole and on a sub-section basis, the latter consisting of:  Logistics, Rentals, Repair and Maintenance, Warehouse and Common section. A separate monthly profit and loss statement per equipment is also prepared to show how each fixed asset is faring.

General Accounting

• This section is responsible for processing payables, adjusting entries, maintaining the general ledger, and recording and reporting of all financial transactions. It also ensures compliance with all governmental offices in a timely manner.