The Finance Department plans, organizes, leads, and monitors the financial activities of PSAEL through several divisions. The department is responsible for the day to day management of all accounting services. These services include:
- Cash Receipts: Revenue is collected from a variety of sources including tax such as Land and Building tax, land rent, and management fees for repetitive contracts and government projects. Other sources of revenue include charges for services, and interest earnings.
- Accounts Payable: payments are made to vendors for services and materials received. Funds are paid to contractors as soon as they are received from the relevant authorities.
- Accounts Receivable: Invoices are issued based on the completion certificates received for each contract and service performed. Invoices are also issued for land rent on a monthly, quarterly and annual basis as per contract.
- Payroll: Employee payroll and related benefits are paid on a monthly basis.
- Financial reporting: Monthly management reports are prepared for use internally and special financial reports are prepared and submitted to the Ministry of Finance on a monthly, quarterly and annual basis. All financial reports are audited and Board approved.
- Risk Management: Policies and procedures are established and followed to identify and minimize the company’s exposure to risk and potential financial loss.
- Revenue & Expenditure Forecasting: A budget is prepared for review and approval on a yearly basis. The approved budget is distributed and made available to the Ministry of Finance.