FINANCE AND ACCOUNTS

FINANCE AND ACCOUNTS DEPARTMENT

Finance serves an essential role to any company, Finance and Accounts department is in charge of monitoring all the financial activities of Nile Petroleum Corporation. The department plays a crucial role as it represent the fruits of the drilling and completion of operations that come at a substantial cost, It focuses on the long-term, overall picture of the financial structure and plans for a business. Its areas of responsibility are financing, capital structure, investment decisions, and dividends and return of capital.

The finance and account department is divided into two sections, namely:

  • Account Receivables
  • Account Payables

ACCOUNTS RECEIVABLE

General description

The Accounts Receivable section’s main task is to:

  • Ensure collection actions and timelines are effective and efficient.
  • Ensure Accounts receivable “balances” give a fair representation of what is due to NILEPET.
  • Reconcile accounts receivable ledger balances to customer statement balances.
  • Define the criteria for writing off overdue accounts as well as the approvals needed.
  • Ensure the company receives payments for goods and services, and records these transactions accordingly.
  • Accounts Receivable task include securing revenue by verifying and posting receipts, and resolving any discrepancies.

Main Duties and Responsibilities for Account Receivables

  • Maintain up-to-date billing system
  • Generate and send out invoices, generate account statements
  • Follow up on, collect and allocate payments
  • Carry out billing, collection and reporting activities according to specific deadlines
  • Perform account reconciliations
  • Monitor customer account details for non-payments, delayed payments and other irregularities
  • Research and resolve payment discrepancies
  • Generate debtors aging analysis
  • Ensure Debit/Credit Notes are approved by authorized personnel within their limits of authority and are valid and processed on timely basis.
  • Maintain accounts receivable customer files and records
  • Follow established procedures for processing receipts, cash, etc
  • Process credit card payments
  • Prepare bank deposits
  • Investigate and resolve customer queries
  • Process adjustments
  • Develop a recovery system and initiate collection efforts
  • Communicate with customers via phone, email, mail or personally
  • Assist with month-end closing
  • Collect data and prepare monthly metrics

Accounts Payable

General description

The Accounts Payable section’s main task is to:

  • Ensure supplier invoices are valid, authorized and properly processed.
  • Ensure accounts payable data is accurate an accounts payable’ balances give a fair representation of what is owed for the suppliers.
  • Creditors’ accounts are properly recorded.
  • Reconcile Accounts Payable ledger balances to supplier statement balances
  • Payments comply with negotiated terms and due dates.
  • Ensure Timely processing of payments and accurate recording.
  • Ensure Payment are properly authorized in compliance with the appropriate levels of authority.
  • Payment made based on duly supported invoices.
  • Complete payments and control expenses by receiving payments, plus processing, verifying and reconciling invoices.

Main Duties and Responsibilities for Accounts Payable

  • Keeping track of all payments and expenditures, including payroll, purchase orders, invoices, statements, etc.
  • Reconciling processed work by verifying entries and comparing system reports to balances
  • Maintaining historical records
  • Paying employees by verifying expense reports and preparing pay checks
  • Paying vendors by scheduling pay checks and ensuring payment is received for outstanding credit; generally responding to all vendor enquiries regarding finance
  • Preparing analyses of accounts and producing monthly reports
  • Continuing to improve the payment process
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OFFICE HOURS

Our support Hotline is available 8 Hours a day

Monday-Friday: 8 AM to 5 PM
Saturday – Sunday: By Special Appointment
Public Holidays: Closed

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