1. UNIVERSITY OF CENTRAL PUNJAB, LAHORE
Business Finance
Topic: Hierarchy of a company’s Finance department of Sitara
Fabrics Limited
Submitted by:
Saira Khalid (0201)
Sana Riaz (0185)
Section: M.Com 1A
Submitted to:
Sir Shabbir
Submission date:
17-June- 2013
2. Sitara Fabrics Limited
Sitara Group of Industries is one of the largest manufactures and registereg leading exporter of textile
goods in Pakistan ,exporting quality products through the world. Sitara is renowned group of industries
considered a symbol of success and well knowm for its consintency. Best quality products and its use of
the most modern methods in techonology.
Sitara Group has the sound basisof cotton yarn productionsuitable for variety of clothesranging from grey
to fine fabrics. Essentially after the success of Sitara Textile finishe products the group wanted to have
their production unit as well as for the grey production SITARA FABRICS LIMITED was primarily
founded in 1994 and was formally known as SITARA PVC LIMITED . After the absolute and well
considered setup of SITARA FABRICS LIMITED managent realy needs of its true working or the unit as
well as for the customer.
Address : Sitara Fabrics Limited , Sitara Tower,4th Floor ,Bilal Chowk New Civil Lines Faisalabad
City : Faisalabad
Telephone : 611604
Fax : 618436
Mobile : 03008666901
Email : asad@sitarafabrics.com
Website : www.sitarafabrics.com
Status : Limited Concern
Business ; Manufacturer and Trader
Products ; Grey Cloth
4. DIRECTOR FINANCE & ACCOUNTING:
Name of Director Finance of Sitara Fabrics is Ch. Maqbool Ahmad
Duties of Director Finance:
1. Works with senior teams to grow businesses, formulating strategies and plans
2. Lead and develop finance teams
3. Lead and manage the budgeting process
4. Overall cash management on an outgoing basis
5. Formulation of annual budget and targets
6. Overall control of all financial transactions and accountancy matters including audit
system
7. Preparation and submission of weekly and monthly updates
8. Presentations of annual accounts with recommendations
9. Review of accounts and investigation of variances then setting recovery plans
10. Treasury matters
11. Capital expenditures- evaluation and preparation of submissions
12. Insurance/risk management
13. Setting annual cost rates and prices for customers
14. Close involvement in commercial negotiations with customers
15. Ensuring that the regulatory requirements of all statutory bodies are met
Subordinates To Director Finance & Accounting:
i. Manager Finance
ii. Accounts Manager
iii. Manager Tax and Legal Affairs
iv. Company Secretary
1) Manager Finance:
Name of Manager Finance of Sitara Fabrics is Shahid Iqbal
Duties of Manager Finance:
1. Providing and interpreting all financial information
2. Monitoring and interpreting cash flows and predicting future trends
5. 3. Analysing change and advising accordingly
4. Conducting reviews and evaluations for cost reduction opportunities
5. Liaising with auditors to ensure annual monitoring is carried out
6. Producing accurate financial reports to specific deadlines
7. Managing budgets
8. Arranging new sources of finance for a company’s debt facilities
9. Keeping abreast of changes in financial regulations and legislations.
Subordinate To Manager Finance:
i. Senior Officer Finance
ii. Finance Assistance
Senior Officer Finance:
1. Reporting to the Operational Accountant
2. Accurate support across all facets of the finance division, including AP, AR, Payroll
and Reconciliations.
3. Control of the billing system
4. Assist with month end processes and the administration of day to day insurance
matters.
5. Undertake ad-hoc functions including support to the Property Manager.
Finance Assistant:
1. Work closely with the Finance Manager to ensure smooth operation of all finance
matters
2. Support the Finance Manager by inputting into sales and purchase ledgers from
source documents
3. Matching invoices to statements and purchase orders to invoices
4. Input accounting data into the accounting system with speed and accuracy
5. Assist in the production of financial statements and applications, preparation of
spreadsheets, reports and correspondence as required
6. Plan, organize and manage own workload to ensure your contribution to the
company’s monthly financial reporting process is achieved in a timely and accurate
manner
7. Ensure swift payment of invoices
8. Resolution of finance related queries
9. Assist with end of year preparation and procedures
10. Provide financial support to team members
6. 2) Accounts managers:
Name of Accounts Manager of Sitara Fabrics is Syed Zia Haider
Duties of Accounts Manager:
1. Report directly to the controller
2. Manage and supervise daily operation of accounts payable, accounts receivable
3. Provide support and assistance to the Finance Director in the departmental
administrative functions
4. Prepare bank reconciliation, revenue and expenditure variance analysis, capital assets
accounting, year-end closing entries and audit schedules
5. Guide and support staff in providing customer service
6. Troubleshoot software problems/issues, and coordinate resolution with the software
vendor and the City’s Information Technology Division
7. Assist in the preparation of the annual budget document, including compiling
approved departmental expenditure budgets, revenue estimates and various narratives
into the annual budget document.
Subordinates to Accounts Manager:
i. Chief Accountant
ii. Senior AccountsOfficer
iii. Accounts Officer
Chief Accountant:
1. Handle full spectrum of financial and cost accounting role i.e., AR, AP, forecasting,
budgeting
2. Responsible for day to day finance and accounts operations
3. Perform full set of accounts and ensure timely closing of accounts.
4. Perform project cost forecasts/budgets, cost tracking, monitoring and controls.
5. Responsible for timely monthly consolidated financial statements, payments, cash-flow
management reporting for submission to head quarter.
6. Review & approve payment vouchers & journal entries
7. Perform cash flow forecasting, budgeting and working closely with the operations
and project teams in analyzing margins, variances and cost analysis.
8. Issue project cost reports for review and approval.
7. 9. Develop and maintain internal control and effective accounting system and policies
for the set up.
10. Support CFO in ensuring that intercompany cost allocations are in line with
management agreements and transfer pricing policy
Senior Accounts Officer:
1. Maintaining Ledgers.
2. Maintaining payable & receivables.
3. Liaison with Branch Offices and Banks.
4. Assisting the Chief Accountant in daily routine jobs.
5. Any other work assigned by the management.
Accounts Officer:
1. Oversees the daily accounting activities required to maintain the Authority’s
general ledger
2. Cash management (including placement/movement of funds in various sites)
3. Maintains organized set of detailed records and files to document financial
transactions.
4. Reviews general ledger on a monthly basis to ensure accuracy of posting.
5. Produces financial reports involving the Authority’s accounts for monthly board
meetings.
6. Coordinates monthly, quarterly, and annual closing activities.
7. Makes and implements recommendations to improve accounting processes and
procedures.
8. Performs other duties as assigned or require
3) Manager tax and legal affairs:
Name of Manager Tax and Legal Affairs of Sitara Fabrics is Muhammad
Ayub
Duties of Manager Tax and Legal Affairs:
1. Researching, analyzing and interpreting changing tax legislations
2. Meeting with clients and collating information
3. Working with tax laws and revenue provisions
8. 4. Preparing and submitting compliance (tax) returns
5. Liaising and negotiating with HM revenue and customers
6. Providing consultancy services to high value private clients
7. Advising on tax liabilities
8. Establishing and constructing family trusts
9. Estate planning and advising on tax residence and domicile matters
10. Providing guidance on indirect tax issues such as VAT, custom planning and
environmental taxes
Subordinate To Manager Tax and Legal Affairs:
i. Senior Tax Officer
Senior Tax Officer:
1. Exercise responsibility for the preparation of monthly and annual taxation returns,
and accompanying reports and reconciliations, which ensures compliance with
relevant legislation, rulings and case law.
2. Provide specialized advice and assistance to clients requiring the interpretation and
management of their taxation obligations, and communication of relevant changes to
taxation laws and rulings and supervise staff.
3. Contribute to the design, development and implementation of appropriate policies,
procedures and programs, for activities and/or transactions subject to taxation
compliance.
4) Company Secretary:
Name of Company Secretary of Sitara Fabrics is Waseem Bari
Duties of Company Secretary:
1. Maintaining the company’s statutory registers
2. Updating the records held by Companies House
3. Maintaining the registered office
4. Managing and storing the company’s records
5. Organizing the company’s board meetings and annual general meeting
6. Taking a lead on governance
9. Subordinate To Corporate Assistant:
i. Corporate Assistant
Corporate Assistant:
1. Sorting and allocate incoming paper and electronic mail
2. Organizing and filing documents
3. Handling incoming calls
4. Managing schedules
5. Arranging travel
6. Preparing memos, correspondence, spreadsheets and presentations
7. Supervising lower-level employees
8. Training new staff members
Reference card is attached with:
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