Finance & Accounts Department

In today’s it is imperative to have the means and tools needed to be competitive; there must be a vision that there are no borders in order to make a business successful and to guarantee its survival in the long run. Decision making based on different scenarios must be done in order to assure the right use of the resources of the organization. As Alfred Marshall said that “Capital is that part of wealth which is devoted to obtain further wealth.”

As a development entity, RCDS is aware of the need for carefulness and suitable control in the management of the finances. In pursuance of this goal, the Finance and Accounts (F&A) Department has been given responsibility for executing and recording all financial transaction in an efficient and effective manner. The Department keeps the international level principles of financial management. The Finance Department holds fiduciary responsibility for this institution and provides a wide range of professional financial services, including: procurement, cash management, budget planning, accounting, reporting and risk management. The Department tightly follows standard Operating Procedures (SOPs), which developed to ensure high standard of financial management in its routine business activities. The policies and procedures contained in Standard Operating Procedures are designed to provide RCDS Head Office and Field Offices with the tools needed to effectively manage their financial resources. The staff guidance in it is to be used in connection with other policies and procedures as promulgated by RCDS.

The evolution of the microfinance industry has led to a greater focus on the financial viability of microfinance institutions. The department places a high priority on completeness, true and fair presentation and timely issuing of its periodic financial statements and other financial and non-financial information for management, donors and stakeholders. The ability to provide accurate, complete and timely financial information enables RCDS to comply with the rules and regulations of its donor, government and other agencies, their grant reporting requirements, as well as adhere to generally accepted accounting principles. Accurate and timely financial information also assists in decision-making and enhances our ability to attract funds from our grantors.