Finance Policy

Finance Policy. Finance Department to: All Staff.

PURPOSE. To support the achievement of the corporate turnover target, achieve a 70% internal and external customer satisfaction rating in our services, and reduce costs as much as possible..

EXC CORE VALUE IN RESPECT TO FINANCE DEPARTMENT ➡ integrity.

2. TARGETS. ➡Each branch is given its annual target which is further broken down into monthly, weekly, and daily targets ➡Target deficit from each month is spread to the rest of the remaining months in the year ➡For branches that exceed their target, the excess will be added to the month where they fail to meet their target..

3. FINANCES TRACKERS. We have 3 Finance Trackers which the finance Dept. use to Reconcile all branch sales and transactions. ➡QuickBooks ➡Sales Record ➡Bank Statement → These 3 Financial Trackers are used for our Financial analysis which can be done Weekly, Monthly, or Yearly. → These 3 Trackers must be balanced at all times. →Discrepancies between any of the trackers are being related to the branch for detailed explanation through mail if not the branch pays for it..

4. CASH DEPOSIT. ➡The staff assigned by the team lead to make bank deposits must always ensure that a copy of the deposit slip and deposit receipt is scanned and forwarded to the Finance unit for recording and safekeeping. ➡Any cash above #50,000 must be deposited..

5. FLOAT. There are two major floats- ➡Expense float – These are to be used for urgent office expenses (internet, transportation, data, airtime, etc.) and services rendered ➡ Imprest float– These are to be used to pay for urgent items meant to be resold at the stores to the Client and This is being handled by the Marketing Lead (Imelda)..

5. FLOAT. ➡Team Leads in each branch will act as the custodian of the floats ➡Floats are issued every month except in rare cases and otherwise ➡Cash must not be taken for expense unless approval is given by the CEO and this is obtained by sending a mail explaining the reasons for it..

5. FLOAT. ➡All expense goes through a process called Flex. In this process we have; ➡The Requester ➡The Approver ➡And the Disburser NOTE; ➡The Team lead must also maintain a float register where he records all expense and imprest float disbursements..

6.RETIREMENT / REFUND. ➡Retirements are usually done by submitting all float registers where all expenses and imprest disbursements are been recorded which is done and the end of every month. ➡All receipts must be attached to the retirement document (float register) as supporting documentation. ➡Retirement of floats must be submitted for approval latest 1st of every month ➡Retirement must be detailed with dates showing the exact time when such expenses were incurred ➡All hard copies of receipts must be forwarded to HQ(Finance) at the end of every month..

7.VENDORS PAYMENT. ➡Vendors Payments are being done 3 times in a month – the 10th,17th,24th. ➡Before payment can be made for urgent requests, clients must have paid for what they are buying to avoid unnecessary stories..

8. LOANS AND ADVANCES. ➡Staff can get loans through the BENTO app. ➡Staff can also get loans by reaching out to management through HR, (Kindly see the HR policy for more explanation)..

Thank you. [image] Close up of desert dunes.