Finance Department plays a significant role in achieving the vision and mission of the company.
Finance department covers a wide range of activities from basic bookkeeping to providing information and assisting management in making strategic decisions.
At the base level, finance department is responsible for all the day to day transactional accounting for the business. All financial transactions are captured in oracle accounting System as per standard accounting policies & procedures. Finance department fulfills the audit requirements of Statutory Auditors, Internal Auditors and State Auditors by submitting the timely and meaningful feedback.
Finance department plays an important role in preparing the monthly management accounts which includes the Income Statement, Variance Analysis (comparison of actual versus budgeted figures), Balance Sheet and Cash Flow Statement. The department compiles the monthly business performance report for the shareholders, which also includes non- financial information. Finance department guides the management on a timely basis in making strategic decisions. All the information and data are communicated to the management in a way that is easy to understand.
Looking forward, the finance department works with the management to prepare the company’s annual budgets and forecasts, and to report back on the progress against these throughout the year. It also contributes in preparation of company’s five year business plan by providing the financial projections for the next five years. The data compiled by the finance department is very useful for the company and its shareholders.
Finance department also helps the management in taking short term and long term capital budgeting decisions. It is considered as a resource in running the business of the company.