The Finance Department of Akakus Oil Operations Company is considered as one of the most supportive departments with distinction in the Company. This Department also provides effective contribution for decision making that will influence the formulation of the Company’s current and future policies.
The role of the Finance Department encompasses several functions that are implemented by several sub-sections led by the sub-coordinators from the two major sections. One major section is specialized in all the financial aspects and the other major section in the accounting aspect. Both are under the direct supervision of the Finance Manager, in addition to his direct subordination to the Payment Coordinator as well.
The role of these jobs includes several tasks, starting from receiving and recording all financial transactions based on the supporting documents as well as automatically categorizing in the Company’s books according to the accounting guide approved by the Company through the financial system (Sun System). This is done according to the sequence of their historical occurrence, which is summarized as follows:
- Statement of financing activities carried out by the partners to cover the expenses of [ Chapter One, related to General and Administrative Expenses - Chapter Two, related to Operating Expenses - Chapter Three, related to Capital Expenses ]
- Disbursement operations. Disbursement to the Company’s employees, such as salaries and other components, business and training expenses. Also, to cover payment to external parties for the services provided to the Company, both in the form of logistic services, or local and external purchases.
- Statement of indebtedness and credits of stakeholders dealing with the Company from inside and outside. This statement is made based on the principle of entitlement under which the Company operates.
- Statement of Expenditures of the Capital Projects for those Projects that have been completed and Projects still in-progress during the fiscal year.
- Statement of Assets. Starting from the assets acquisition, through their life cycle until they are scrapped.
- Statement of the Company’s materials movement. Starting from the materials acquisition and their movement until they reach the warehouse and ending with their disbursement operations according to the work requirements. The annual inventory report prepared on timely basis.
- Statement of bank movements. This includes payments and fund collections.
- Financial Statement of the partners' share of crude oil production.
The purpose of the work broken down above is to produce information of a financial nature that is presented to the Company’s management and Owners in the form of periodic and various financial reports. These reports are prepared from the monthly and annual closing of the Company’s accounts in the form of analytical data that shows the effects and results of financial transactions. These reports help the Company’s Management and the owners in making decisions, developing plans, and drawing up financial policies in their dealings, to ensure the workflow is handled in a timely and organized manner.