Introduction

Finance Department is Integral Part of Management and Administration of the University of Gwadar. The Finance Department provides financial management, enterprise planning and stewardship in support of education, research and strategic goals of the University.

Functions

The Director Finance and his dedicated team oversee:

• Budget and Financial Planning
• Treasurer's Function
• Tax Management Function
• Financial Reporting Function
• Accounting and Bookkeeping

Within these Functions lie critical business functions including, but not limited to payroll, financial reporting, accounts receivable and payable, sponsored projects accounting, provident fund accounting, expense reporting, and financial systems.

Roles/Responsibility

The Finance department's contribution positively affects organizational performance. The roles and responsibilities of the Finance Department include but are not limited to.

Budget and Financial Planning

Finance Department manages all operational and strategic tasks in the areas of financial planning, management and control of the University of Gwadar. Finance Department collaborate with all the other departments to prepare Annual and |Revised Budget Estimates and Forecasts to develop an overall University Financial Plan.

Management of Taxes

The Finance Department is responsible for effective management of Taxation. Review of tax returns before filing with authorities. Ensure compliance with tax laws and regulations. Arranging insurance coverage of all the assets of the university. Formulation and design of withholding tax reconciliations. Creating good Corporate relationships with Government relevant authority (FBR and BRA) and ensuring that implementation of tax matters are done within the framed policies.

Financial Reporting and Analysis

Financial reporting and analysis is the function that takes raw accounting entries and transforms them into meaningful, usable and comparable financial statements. The Finance department contributes to the university growth by measuring and reporting on regular basis, an accurate depiction of the university finances, including Revenues, Expenses, Profits, Capital, and Cash Flow, as formal records that provide in depth insights into financial information that is vital to the success of the university. This will likely include a summary of all funding sources, expenditures and reserves available for future use. Preparation of Financial Statements in compliance with local laws & IFRS.

Assist Management in Making Key Strategic Decisions

The Finance Department provides the University Management with information necessary to make strategic decisions such as which projects to pursue, provide feedback for large capital purchases, decision on how to allocate funds etc., thus, making sure that money is being used in the best way.