Finance Department Scope of work

The financial department as one of the most executive departments is constituted of five managements, those are considered as mainstay that is assisting the company top management.
We can summarize the tasks and work scope of each management as follows:
 

  Procurements Accounts Management (PAM)

The work scope of PAM is to control the accounts whether of the internal or external suppliers those are providing our company with materials and assets related to our main activity, and in a perfect equivalence controlling repairs & warranties accounts.
On the other hand PAM is represented to participate in the contracting committees and proceed all payments in a proper time according to the contracts terms and conditions that matching our legislations.
 

  Miscellaneous Accounts Management (MAM)

The nature of MAM work scope is to perform varied kinds of works; the main works of MAM is to be concerned with controlling the receivables accounts of customers and the payables Accounts of vendors and providers with the exclusion of those are already belonging to the control of Procurements Accounts management.

On the other hand MAM is playing a vital role with the insurance companies to cover and control all the expected risks, furthermore, the routine works with taxes authority and the other national authorities
 

  Financial Statements & Financial Research Management (FSFRM)

FSFRM is the most important helpful management that is giving a perfect frame of the available investments to enable the top management of the company to make the perfect decisions for the current and investment plans, furthermore, preparing the necessary financial reports and analyses which are expressing the financial position of the company.

On the other hand FSFRM is concerned with controlling all the stated assets, periodically updating the data related to assets, calculating the necessary depreciation cost for the stated assets and revaluate the assets if necessary.
 

  Cost Accounting Management (CAM)

The main task of CAM is performance appraisal, consequently, the work scope of CAM has been concentrating on calculating both of the cost of the presentable services and the internal job costs to enable the decision makers to put a competitor price for the presentable services and in a perfect equivalence pointing the excess expenses and putting the standards of reducing the indirect expenses.

On the other hand CAM is making the necessary comparison between the standard costs and the actual costs and pointing the gaps, furthermore, updating the hierarchy to match the development requirements and implementing the strategic and operational controlling and budgeting long term plans.
 

  Internal control management (ICM)

ICM is the eye of the board and it’s main role is to assure that the Egyptian low, ministry decrees, accounting standards, uniform accounting system and the company legislations have been applying, therefore, the work scope of ICM is to audit all the other managements’ works and insure the good performance of the financial department, furthermore, implementing stock control and permanent, unexpected and annual inventory and reporting the gaps if any.
On the other hand ICM concerned with a perfect archiving system for the documents is being made and a strict system in respect with copying the archived documents is being implemented.