Role and Responsibilities of Finance Department
Finance Department of S.B.K Women University Khuzdar Campus supports and leads areas of accounting and financial operations. As a sub campus we follow the financial procedure of Quetta Campus as it controls the working of all its sub- sections under the provision of S.B.K Women University Quetta Act No IX of 2004.Following are the main functions of Finance Department:
1: Information Management
To Maintain record of both revenue and operating/project account. Preparing financial statements of both accounts quarterly. Maintaining ledger and cash books on daily basis. To deliver management reporting that enables other departments to effectively manage their activities.
Payroll is a main function of the accounting department and includes making sure all faculty members, administrative employees and lower staff are paid accurately and timely. In addition, proper tax is assessed and tax payments are on time with state and federal government agencies.
3: Reporting and Financial Statements
The primary reason we collect data properly is to prepare financial statements and to report to Higher Education Commission on monthly and quarterly basis that can be used for budgeting, forecasting and other decision making processes. In addition, these and other reports are communicated to main campus that plays an important role in the growth of the campus.
4: Internal Audit
Another crucial role of the finance department is the internal audit. The finance department conducts internal audit if competent authority authorizes the department. All departments require scrutiny and controls which the internal auditors must do. Where there are challenges, the departments discuss with the concerned department for clarifications and corrections.
5: Financial advice to the staff
The management must get constant advice on the performance. As a matter of fact, major decisions are based on the financial position of the university. The head of the finance department is responsible to provide directions to the staff on financial matters.
6: Responsibility of deduction and submission of Taxes
Finance department is responsible to deduct taxes from campus employees/vendors as a withholding agent and responsible to submit it to concerned department.
Assistant Director Finance