The Finance Department at the Arab Open University – Egypt provides accounting services and manages the finances of the University following the IFRS and the policies and procedures of the AOU.
Its responsibilities include the following.
· Day-to-day recording, analysis and interpretation of all the financial transactions
· Recording collections and following up on revenues and students’ balances.
· Ensuring that the University pays salaries accurately and remit the social insurance and payroll taxes to authorities on time. The department also reimburses employees for expenses and makes payments to part-time academic and admin staff.
· Recording inventory movement and monitoring the cost of the used over a specific period against its revenues, in addition to the year-end inventory count.
· Responsible for recording fixed assets with depreciation and maintaining the fixed assets register.
· Working with Managers and Program Coordinators to gather the required information to prepare the budgets and forecasts, ensure that all payments are within budget limits and also give feedback with regards to the financial standing of the University to the HQ monthly.
· Implementing tax policies and remitting taxes to relevant authorities on time
· Preparing year-end financial statements and regular reports to HQ accurately and timely and liaise with external and internal auditors.