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

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

Hierarchy of Sitara Fabrics, Faisalabad

Director Finance & Accounting

Manager Finance

Manager Accounts

Manager tax & legal Affairs

Company Secretary

Senior Officer

Finance

Chief

Accountant

Senior tax

officer

Corporate

Assistant

Finance

Assistant

Senior

Accounts

Officer

Accounts

Officer

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

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

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.

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

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

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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