The Finance and Accounting Department is the backbone of the factory’s financial management. It is responsible for efficiently managing financial resources to ensure stable operations and achieve the organization’s economic goals.
Key Responsibilities of the Department:
-Budgeting:
Preparing annual or quarterly financial plans based on the needs of various departments.
Forecasting revenues and expenses to ensure balanced cash flow.
-Cost Control:
Monitoring production and operational costs to reduce waste and achieve maximum efficiency.
Analyzing variances between actual and planned costs and proposing corrective actions.
-Payment Scheduling:
Organizing timely payments to suppliers.
Ensuring prompt settlement of employee salaries and monthly bills.
Maintaining compliance with financial agreements with partners and clients.
-Financial Performance Analysis:
Issuing periodic reports on profits, losses, and cash flows.
Assessing the factory’s financial position and providing strategic recommendations to management.
Main Areas Covered by the Department:
-Accounts Payable:
Recording supplier invoices.
Reviewing matches with purchase orders and received inventory.
Scheduling payments and maintaining strong financial relationships with suppliers.
-Accounts Receivable: Issuing invoices to clients and tracking collections. Monitoring overdue accounts and following up to ensure timely payments. Tax & Compliance: Coordinating with external auditors. Preparing periodic tax filings (e.g., VAT or corporate tax). Ensuring compliance with Egyptian and international accounting and tax regulation.
