finance

The aim of preparing the basic rules of the financial and accounting system is to preserve the funds and property of the establishment, by clearly defining the accounting and financial policies and procedures of the establishment, and organizing the rules of disbursement, collection, budgets and financial reports efficiently and effectively, as well as setting appropriate control standards that ensure the integrity of accounting and financial procedures.

Internal policies and procedures are those regulations that include the detailed rules necessary for implementing accounting and financial activities. They ensure the administrative procedures related to implementing accounting and financial operations, their clarity, and the determination of the responsibility of decision-makers as well as the powers granted to those responsible for implementing those operations.

Taking into account ensuring consistency and compatibility when applying policies and procedures across the functions and tasks of the accounting and finance department.

Our specialized team prepares policies and procedures to ensure the preservation of the facility’s fixed assets and inventory and ensures financial control over them. This includes the following points:

• Applying control procedures to the process of purchasing fixed assets
• Ensuring that assets are registered in the fixed assets register
• Identifying assets as a trust under the responsibility of a specific entity/employees
• Depreciation method
• Asset insurance
• Inventory levels
• Annual inventory operations for all assets as well as surprise inventory

The Tawazi team prepares internal control policies and procedures with the aim of creating an effective internal control system by defining the rules of internal audit and the independence of its work, according to the best modern practices and in line with the systems, regulations and standards of internal control. The objectives of internal control are to achieve the following:

• Protecting the assets of the facility and detecting errors and embezzlement.
• Reducing the violations and financial and administrative violations of individuals
• Ensuring the accuracy of accounting data.
• Ensuring the implementation of accounting, financial and administrative policies and procedures.

• Achieving efficiency and effectiveness in implementing purchasing operations using the latest applied methods
• Controlling purchasing and tightening control over purchasing operations, ensuring the prevention of manipulation and the elimination of waste.
• Establishing integrated systems for managing purchasing that ensure the accuracy and flow of work and reduce costs
• Clearly defining tasks and authorities to reduce overlap and duplication and define responsibility

Our team develops integrated policies, procedures and systems with best practices applied to achieve the facility’s goals.

Establishments pay attention to analyzing their financial data and rely on periodic financial reports, in order to avoid any losses while increasing the opportunity for profit.

Therefore, preparing financial reports accurately and in a timely manner is of great importance for making appropriate decisions. Financial reports are considered one of the most important outputs of the accounting system of the establishment due to the accuracy and detail of the financial information of the establishment. Financial reports clarify the following points:

• Determine the financial and commercial capacity of the facility to avoid any losses and increase profits.
• Determine and detail the company’s debt and its ability to pay it.
• Determine the financial ratios and compare them with the facility’s business sector.

The parallel team works on preparing and developing the financial reports of the facility in a way that is useful for decision-making by the executive management of the facility.

Tawazi team contributes to accounting and financial management solutions, for example:

• Full supervision and management of the work team
• Training
• Providing human resources
• Preparing annual budgets
• Preparing periodic financial reports

The franchise system is a commercial means of investment opportunities in the labor market. The Tawazou team works with the investor in a specific franchise field to help the franchisee achieve the following goals:

• Making sound investment decisions
• Verifying the rights, duties and risks associated with the franchise
• Ensuring that the necessary protection is available to the franchisee
• Reviewing the franchise agreement and ensuring that there are no financial consequences that would harm the investor
• Preparing financial plans for the project, including sources of funding
• Preparing project implementation and management plans
• Preparing project implementation and management plans

Our specialized team provides financial analysis services for financial statements, budgets, cash flow statements and provides the necessary financial reports. It also analyzes and evaluates the financial, accounting and auditing aspects of the establishment’s activities and the resulting profits or losses.

Financial analysis is concerned with collecting data and information related to the establishment’s financial statements, classifying them, then subjecting them to a detailed study and finding the link and relationship between them, then interpreting the results reached and searching for their causes in order to discover the weaknesses and strengths in the financial plans and policies, in addition to evaluating the control systems and developing the necessary solutions in a timely manner.
The importance of financial analysis:

• Knowing the financial status of the facility
• Determining the investment value of the facility
• Evaluating the financial policies of the facility
• Determining the ability of the facility to borrow and pay off debts
• Evaluating operational policies
• Judging the efficiency of the facility’s management
• Assisting in decision-making

Financial analysis is used by the owners and management of the facility, in addition to investors, as follows:

• Measuring the profitability of the establishment
• Measuring the liquidity of the establishment
• Preparing financial forecasts
• Financial planning for the establishment
• Financial control
• Evaluating the efficiency of the establishment

Financial planning for the establishment is an important means to achieve its goals and success. There is long-term planning, and its duration varies according to the establishment’s activity and the changes affecting the activity. It is preferable to rely on a period of three to five years, taking into account the annual review of the long-term plan.

• Investment plan implementation mechanism
• Adding new products or services.
• Sources of financing for expansion of the activity
• Methods of repayment of long-term financial obligations.

The Tawazi team studies the business and activities of the facility and deals with the executive management to prepare a long-term financial plan that is consistent with the facility’s strategic plans.

In addition, the focus is on short-term planning, which is the most accurate and important, as the year is considered the optimal time period, and short-term planning includes the annual budget, whether operational or capital.

The budget is defined as a financial tool that contributes to providing estimates of expenses and expected revenues during a period of time (usually a year) and is usually linked to the facility’s fiscal year so that at the end of the fiscal year the results are measured and compared to the plan (budget) approved by the facility’s management.

It is also possible to compare the results with the plan during the fiscal year and review the deviations to make corrective decisions to ensure the facility’s success.

The Tawazi team prepares the facility’s annual budgets as well as preparing periodic financial reports to follow up on the implementation of the annual budget plan.