💼 Departments of Financial Affairs (in Detail)

🧭 1. Accounting Department

📌 Main Tasks:

• Recording daily financial transactions accurately (such as purchases, sales, expenses, salaries...).

• Preparing financial statements like the balance sheet and income statement.

• Monitoring bank accounts and cash flow.

• Ensuring compliance with local and international accounting standards (such as IFRS).

🎯 Goal:

To maintain transparency and accuracy in financial records, ensuring every riyal spent or earned can be traced.

📊 2. Financial Planning & Analysis (FP&A)

📌 Main Tasks:

• Preparing the annual budget and future forecasts.

• Analyzing the company’s financial performance and comparing it with set goals.

• Studying profits and costs to evaluate progress.

• Providing strategic recommendations for financial decisions (investments, expansion, cost reduction).

🎯 Goal:

To help management make smart, data-driven financial decisions.

🏦 3. Treasury Department

📌 Main Tasks:

• Managing cash flow and ensuring sufficient liquidity.

• Handling bank relationships (accounts, loans, deposits, facilities).

• Managing short-term investments such as bonds or deposits.

• Monitoring financial risks like currency or interest rate fluctuations.

🎯 Goal:

To ensure financial stability and liquidity within the company.

🧾 4. Internal Audit Department

📌 Main Tasks:

• Verifying the accuracy of financial records.

• Ensuring all departments follow financial policies and procedures.

• Detecting errors or irregularities before they escalate.

• Reporting audit findings to top management.

🎯 Goal:

To promote transparency, integrity, and trust in financial operations.

💡 5. Tax Department

📌 Main Tasks:

• Preparing and filing tax returns in compliance with local laws.

• Ensuring full tax compliance to avoid penalties.

• Providing tax advisory services to reduce the tax burden legally.

🎯 Goal:

To maintain proper legal relationships with tax authorities and minimize tax costs.

📈 6. Investment & Project Finance Department

📌 Main Tasks:

• Assessing and evaluating new business projects.

• Identifying the best financing methods (loans, investors, issuing shares, etc.).

• Analyzing the Return on Investment (ROI) to ensure profitability.

• Managing the company’s investment portfolios.

🎯 Goal:

To achieve sustainable financial growth through well-planned investments.

🧮 7. Cost Control Department

📌 Main Tasks:

• Monitoring and analyzing operational expenses.

• Determining the actual cost of production for goods or services.

• Assisting in setting selling prices based on cost and profit margins.

🎯 Goal:

To achieve maximum profit at the lowest cost without compromising quality.

🔐 8. Compliance & Risk Management Department

📌 Main Tasks:

• Monitoring compliance with financial laws and regulations.

• Assessing potential financial risks (market, credit, liquidity).

• Developing risk mitigation strategies to protect the company.

🎯 Goal:

To protect the company from possible losses and maintain a safe and stable financial environment.

📋 9. Payroll & Compensation Department

📌 Main Tasks:

• Calculating employee salaries, bonuses, and deductions.

• Preparing monthly payroll reports and coordinating with bank transfers.

• Ensuring compliance with labor and social insurance regulations.

🎯 Goal:

To ensure accurate and fair payment to employees on time.

🔍 10. Procurement & General Expenses Department

📌 Main Tasks:

• Managing contracts and company purchases.

• Monitoring general expense budgets.

• Negotiating with suppliers for best prices and quality.

🎯 Goal:

To control operational spending and achieve high financial efficiency.

💬 Conclusion:

Financial affairs are not just about numbers — they represent a complete system that connects every company activity with the right financial decisions.
Each department works in harmony with others to ensure stability, profitability, and long-term growth.