Finance and Accounts

The Finance and Accounts Department, one of the principal department of SSS, plays a central role in the organization. This department is responsible for managing the overall economic activities of the organization and ensuring compliance with all legislative requirements. In addition, it also supplies the quantitative financial information to management, lenders, investors, and other stakeholders, who use it for making informed business and economic decisions. This department has a pivotal role in the organization to affect organizational efficiency, effectiveness, economy, enhance decision-making capacity and to ensure transparency and accountability.

The Finance and Accounts Department of SSS is involved into ten specific, but often interrelated activities, are depicted below:

• Recording Financial Transaction and Information: to maintain and record all organizational transactionsaccurately and comprehensively in a systematic way, such that it could be retrieved and reviewed at any time. In all the stages, information is maintained depending on ACCURATE (A = Actual, C = Complete, C = Cost-benefit effective, U = User targeted, R = Relevant, A = Authoritative, T = Timely and E = Easy to Use) form.
• Financing and Capital Accumulation: to analyze the relevant finance markets, organizational capacity, feasibility, opportunity, cost and benefit, demand and regression to help the authority in internal and external financing and capital accumulation.
• Maintaining Adequate Internal Controls: to maintain adequate internal controlswithin the organization to safeguard its valuable resources.
• Ensuring Performance and Accountability: to provide a basis for the performance assessment and create accountability across the organization.
• Cost Control: to keep the track of costs incurred by the organization and advice the realistic modification of existing operations with the intention of reducing the operating costs.
• Financial Reporting: to support senior management in the decision-making process through the appropriate presentation and conformity with the applicable standards of accounting of the financial data and statements. In the regards, the department collects financial information and report from all units of the organization, where costs are fixed in order to control and safeguard the financial transactions.
• Planning and Budget: to plan and budget, based on the anticipation of business needs and expected availability of resources.
• Treasury Management: to managing funds of the organization, namely cash and working capital items, long-term investments, short-term and long-term debts, equity finance and handling the financial risks.
• National Exchequer: to ensure–the organization pays the right amount of Tax and VAT in different case and when it is properly due. The department also makes sure that we claim any kind of exemptions that are available to us within the Tax and VAT law and regulations.
• Strategic Financial Management: to make available the information to assist managers and other internal users in their decision-making, performance measurement, planning and controlling the activities, costing, revenue and pricing;