The finance office is mandated with the following core functions;
1 Financial Operations
This involves processing of tuition fee charges, invoicing and postings, receipts of revenue and debt management, payment and reconciliation of supplier accounts, purchase order systems and outstanding liabilities and payment of claims.
2 Payroll Processing
This involves payment of salaries and wages including statutory deductions, preparation of returns to Kenya Revenue Authority (KRA), National Hospital Insurance Fund (NHIF), National Social Security Fund (NSSF), issuance of pay-slips and P9 advices as required.
3 Treasury Management
This involves processing all cash transactions; maintain bank accounts and cash balances, investing funds on secure deposits at competitive rates of return, cash Flow management and forecasting, bank reconciliations
4 Financial Reporting
This involves production of annual statutory accounts, production of monthly and quarterly management accounts, providing financial reports to donors and other fund providers, preparing and submitting Quarterly Financial reports to the National Treasury and attending promptly to audit queries and reports
5 Financial Planning
This involves preparation of Institutional and strategic plans and quantify deliverables and Budgeting and cash flow forecasting.
6 Management Accounting
This involves regular reporting on financial performance including budget variances and forecast and recommendation and advice to ensure budgets and plans are achieved.
7 Financial Compliance
This involves Setting the regulatory financial framework for the College in accordance with IPSAS s and statutory requirements, ensuring compliance to the TVET Act and Financial Regulations and satisfying the Auditors and external regulators (e.g. KRA, HELB, NHIF, PPOA)
8 Risk Management
This involves Adopting a solid risk based approach to finance to deliver long term sustainability and instituting controls over college resources.