Finance Department

FINANCE DEPARTMENT

The finance department provides financial supports to all the business units by ensuring prompt payment to their OEMS and managing and reporting collections from their partners, adequately capturing the transactions that reflect their performances. They ensure quality and accuracy in providing financial information and supports to substantiate the capacity of the organisation to ensure the accessibility, affordability and usability of technology aimed at empowering individuals and businesses across Africa.

 

Units and Operations

  1. Financial Operations Unit – Posting of customer receipts, bank reconciliation, processing local payables, ledger transaction postings, WHT receipts collection on tax ProMax and posting, posting of service invoices, discounts, managing TD Leasing sub account, LC charges and other bank charges, inflow confirmation for Partners, weekly reporting of deliverables. etc
  2. Foreign Payables Unit – Costing, financial reporting, foreign vendors (OEM) invoicing, posting of foreign vendor payments and reconciliation, posting of credit notes from OEMs, contra invoicing for clearing agent, weekly reporting of deliverables 3. Treasury and fund management, funding of offshore accounts, daily preparation of bank position for tracking funds in transit and offshore funds. 4. External Reporting and Compliance – Statutory remittances such as PAYE, ITF, NHF, WHT, VAT and Pensions. PAYE and VAT remittance deadline are 10th and 21st of the following month.

 

Approval Process Flow

  1. Local Payables process – initiator obtain approval from line manager for approval to process, forward request to HR/Adm, to Audit for review, to head of Accounts/Operations (for N100k and below and above N100k respectively) for approval to pay, Finance local payables upload for payment, approval 2 verify on Access Primus and approval 3 approves for final payment to the beneficiary.
  2. Foreign Payables process – The Finance team send out a confirmation mail to Procurement to confirm receipts of the products and to Sales team to confirm sales and if their customer have paid for the items, upon the confirmation a request for payment is sent to the CEO for approval, upon cE approval, the request is forwarded to the Chairman office for offshore fund transfers to the foreign vendors account.
  3. Budget Process – The head of business units agree their numbers with the CMD and the Management, that becomes the sales budget/target, HR/Adm collates all the expenditure budgets from the support teams and forward to Finance. The Finance Team obtain Management approval for the budget exchange rate to apply due to our reporting currency in USD. Finance team collate the agreed sales numbers and the overhead expenditures and prepare as a financial plan/statement, add economic projections and present to the management for approval. Upon approval, we then have a budget which is now communicated to all the team members to drive operations for the year.