The financial procedures & policies are critical for any organization because it lays down procedures to ensure that the organization’s resources (both financial and material) are put to their Optimum, effective & Efficient Utilization. Documentation of financial policies and procedures is important as it provides clarity regarding internal processes.

Outline Areas of F&A Section

• Accounting Principles & Policies
• Accounting records
• Accounting Procedures
• Budgeting
• Auditing
• Internal Financial Controls
• Financial Monitoring & Reporting

Finance & Administration Section Preview- After Re-Structuring

• Professional Staff hired.
• Double Entry Accounting System Introduced, following International Accounting
• Standards & Generally Accepted Accounting Principle.
• Financial Manual Developed and put enforce.
• Internal Controls established.
• Internal Audit System developed.

Finance & Administration Section:
The Manager (Finance & Administration) is duty bound to;

• Ensure that adequate account books and records are kept, that annual reports and accounts are prepared.
• to monitor adherence to the financial and accounting procedures set out.
• to provide advice and support to the MD and the BOD on financial management issues.
• to liaise with the internal and the external auditors and to present audited annual accounts to the BOD.
• Institutionalize adequate accounting system and financial controls mechanism.
• Maintain administrative support and services to facilitate the MD for optimum
• Utilization of resources and efficient performance of functions of the BEF.

Expectations from Finance & Admin Section
The Finance & Admin Section is meant to ensure that:

• All the cash intended for the BEF is received, immediately deposited, accurately recorded, reconciled and kept under security.

• Cash is disbursed only upon proper authorization of management, and for valid business purposes. All disbursements are properly recorded and timely made.

• Petty cash fund is disbursed only for proper purposes, is adequately safeguarded and properly recorded.

• Payroll disbursements are made only upon proper authorization to bonafide employees. These disbursements are properly recorded and the related requirements such as tax deposits are complied with.

• Funds received are properly recorded and compliance with the terms of any related restrictions are adequately monitored.
• Fixed assets acquired or disposed of only upon proper authorization. They are adequately safeguarded and properly recorded.
• Ensure administrative support and services to facilitate the MD for optimum utilization of resources and efficient performance of functions of the BEF.