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Finance Department Objectives

The OBY Finance Department has the following key objectives and KPIs for 2017: 1. Ensure timely MIS financial reporting and commentary by the 20th-22nd of each month and issue financial statements by mid-April and mid-May. 2. Monitor receivables monthly to reduce amounts over 1 year to 3%, 181-365 days to 5%, 91-180 days to 20%, and 0-90 days to 72% through monthly meetings and follow-ups. 3. Implement an ERP system for the Real Estate division, finalizing requirements by May, selecting a vendor by July, and going live by October. 4. Review, develop, and update financial policies and procedures

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Godfrey Alemao
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201 views2 pages

Finance Department Objectives

The OBY Finance Department has the following key objectives and KPIs for 2017: 1. Ensure timely MIS financial reporting and commentary by the 20th-22nd of each month and issue financial statements by mid-April and mid-May. 2. Monitor receivables monthly to reduce amounts over 1 year to 3%, 181-365 days to 5%, 91-180 days to 20%, and 0-90 days to 72% through monthly meetings and follow-ups. 3. Implement an ERP system for the Real Estate division, finalizing requirements by May, selecting a vendor by July, and going live by October. 4. Review, develop, and update financial policies and procedures

Uploaded by

Godfrey Alemao
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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OBY FINANCE DEPARTMENT OBJECTIVES FOR 2017

1. MIS financial reporting by 20th of every month and MIS commentary on Peugeot & Real Estate by 22nd of
every month. Financial Statements for OBY & Sons LLC by 15th April & OBY Group by 15th May

2. Monitor on monthly basis and reduce receivables


Above 1 year 3%
181-365 days 5%
91-180 days 20%
0 - 90 days 72%

3. Achieve milestones in implementation of ERP in Real Estate

4. Review, develop and update policies and procedures

5. Ordering process for Peugeot cars and spare parts on monthly basis

6. Setting objectives & mid-year /year-end review by 30th June & 15th Dec
OBY FINANCE DEPARTMENT KPI'S FOR 2017

1. MIS Reporting by 20th of every month and MIS commentary on Peugeot & Real Estate by 22nd of
every month. Financial Statements for OBY & Sons LLC by 15th April & OBY Group by 15th May
a) MIS financial results monthly and YTD to show profit and loss department-wise. MIS
Commentary to show briefly high-level performance indicators (e.g Peugeot ageing of stocks,
car sales and purchases etc.)
b) Commentary to include rental income by building and ageing of empty apartments with revenue
loss till date

2. Monitor on monthly basis and reduce receivables


Above 1 year 3%
181-365 days 5%
91-180 days 20%
0-90 days 72%
a) Monthly meeting on 25th with Finance Receivable team to review all outstandings > 90 days
b) Returned cheques update by 15th of month and follow-up with customers with assistance of Real
Estate team
c) Clearing open credits/debits on daily basis and cheques, post- dated cheques, rental contracts to
be updated daily in system
d) Receivables for ABB & Real Estate to be sent to departments by 28th of each month with follow-
up remarks to be updated by 7th of following month

3. Achieve milestones in implementation of ERP in Real Estate


a) User requirements to be finalized by 31st May 2017
b) Shortlisting of suppliers by 30th June 2017 and appointment of ERP Vendor by 1st July 2017
c) GO Live by 1st Oct 2017

4. Review, develop and update policies and procedures


a) Real Estate procedures by 30th June 2017
b) Credit policy for granting credit by 31st July 2017
c) Tendering process for major contracts ACs, lifts, insurance etc. by 31st Aug 2017
d) Stocks provisioning policy updation by 30th Sep 2017
e) Doubtful debts provision policy by 31st Oct 2017
f) ABB trading and commission procedures by 30th Nov 2017
g) Fixed Assets policies and procedures by 31st Dec 2017
h) Submit the final financial policies and procedures to CEO for approval at every month end

5. Ordering process for Peugeot cars and spare parts on monthly basis
a) FD to review the monthly orders received from GM Peugeot and give his comments to CEO by
1st working day of every month
b) CEO will approve monthly orders after comments from GM & FD between 1st & 5th of month.

6. Setting objectives & mid-year /year-end review by 30th June & 15th Dec
a) Ensure that department objectives & KPIs are uploaded on the portal by 25th May 2017
b) Review the performance of each staff against objectives & KPIs in monthly staff meetings on 7 th
of every month
c) Setting objectives and year end reviews by 15th Dec for 2017

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