This department is headed by the Finance Manager; the Finance Manager has his direct Line managers who are followed by Accounts Supervisors and then the Account Clerks handling different assignments in the department.
The accounting department of Pamol is one of the key departments of the company like any other company. This department is looked upon as the custodian of the company. It is responsible for the safeguarding of records that relate to the goods and services that the company pays for and ensures a proper tracking of all company expenses incurred to be settled for.
The accounting department amongst other functions also follow up with scheduled payments in the organization such as payroll, inventory, supplier’s bills and at large other expenses related to the business. This department also helps to keep Pamol on guard by identifying areas to cut down cost and save money.
A key function of this department is the systematic record keeping of the company’s financial transactions. With modernity most of the financial transactions of a company are automated with accounting software and in Pamol the SAGE x3 ERP is used.
The department is made up of divisions such as the accounts payable and receivable, the budget division, the fixed asset division, the stores and the treasury divisions.
Payable
The accounts payable division takes care of the settlement of bills from external supplies and is recorded as a liability to the Pamol’s accounting books. This division receives invoices from vendors, records them and then schedule same for payments.
Receivable
The accounts receivable deals with the cash the company receives. This division is responsible for tracking and accounting for cash payments from customers and or other financial instruments. This division also establishes invoices and tracks same for proper accountability. This section also has as a duty to send friendly reminders to ensure that customers pay up their invoices when they fall due. These are recorded as an asset to the company.
Payroll
This section of the accounting department is a vital function, as it works to maintain employees working moral by paying their earnings on time. Monitors employees’ personal accounts for any irregularities and advises best. This division also takes care of the payment in to the state treasury taxes due to employees.
Inventory management
Inventory refers to the total number of goods that a company owns in her store. This section of the department is responsible for the inventory cost management. Keeps and tracks Pamol’s cost such as labor, raw materials, mill spares and other overhead factors. This section of the accounting department works with specification so as not to undermine the quality of inventory needed for the company’s activities.
Cash collections
The cash transactions which constitute the blood stream of any institution is responsible for identifying, tracking and recording all cash received from sales and other sources in the company. And most importantly makes sure such cash is paid into the appropriate checking account. Like in the case of Pamol, the Treasury Manager is responsible for the cash flow activities.
Budgeting
This section of the department is responsible for ensuring that other departments in the company work and stay within the limit of the approved company budget. It tracks expenses and other transactions to protect the company from excessive spending. This section also ensures an effective cash management system for the company, guides in proper decision making for management and gives a real-time insight into spending.
Financial reporting and statements
The accounting department will not make any impact if they do not report the financial statements to the end users like the shareholders, the state and other parties. The record keeping done in the whole department is to be able to prepare her financial statements and report same. This statement guides managerial decisions, forecasts and budget preparation. From these statements also does the company’s profit or loss is established and its statement of equity (that what it owns and owes), statement of cash flow and statement of changes in equity.
