Finance

The Finance & Accounting Department (FAD) is responsible for the financial and accounting activities of Kharafi Construction. It focuses primarily on managing the owner’s equity and increasing shareholder value, by providing timely funding at the lowest cost, giving financial advice to projects and other departments, and by establishing and maintaining internal checks and balances.

FAD reports in accordance with the International Financial Reporting Standards and its vision is to provide the best service possible to management and its internal and external customers. The department’s responsibilities are comprehensive and include:

• Supporting management efficiently by evaluating and advising on the financial aspects of the company’s current and future plans;
• Providing timely financial reports to corporate management and to projects;
• The timely funding of projects on hand in accordance with the execution strategy;
• Providing various financial services to projects and departments;
• Ensuring that the necessary financial controls are adhered to in order to safeguard the assets of the organization;
• The timely payment of vendors;
• The timely payment of salaries and benefits to employees;
• Evaluating the company’s financial requirements and sourcing credit facilities to meet these requirements
• Developing financial staff to assume higher responsibilities; and
• Ensuring that the annual audits of accounts are conducted by an independent leading auditing firm so that International Financial Reporting Standards are maintained and an unqualified opinion is obtained.

In order to further improve its efficiency, FAD is in the final stages of implementing an Oracle 11i ERP Financial Management System, consisting of the following modules:

• General Ledger
• Accounts Payable
• Inventory
• Fixed Assets
• Accounts Receivable
• Cash Management
• Credit Facilities
• Letters of Guarantee
• Letters of Credit
• Oracle Time & Labor
• Payroll, and
• Subcontracting.