B&B's Financial Services
Part of Bowen & Bowen’s shared services organisation, Finance is tasked with supplying each Business Unit, and their respective Divisions and Departments, with specialised support in finance and accounting.
The specific support is outlined based on a standard service level agreement.
Objectives
The primary objectives of the shared service functions are:
01.
Focus
Greater strategic focus on the core competencies of each Business Unit (i.e., Marketing, Production, Sales, Distribution, Customer Service).
02.
Quality
Increased quality and professionalism of support processes for the overall business, ensuring deliverables are consistent with expected standards, and adhering to regulatory controls.
03.
Efficiency
Cost efficiency and flexibility of financial support services.
The Business Partnering and Finance division of our Finance and Accounting team works with the General Managers and the business leadership teams in enhancing business performance and growth and ensuring effective and efficient business processes are in place.
They support the GMs in establishing and monitoring an adequate control environment in the business units.
They ensure business control processes like business reviews, KPI, P&L and balance sheet monitoring and budgeting and forecasting processes are established and functioning within the business unit, with clearly defined performance metrics for all managers and teams.
The Accounting & Shared Services division provides independent transaction processing on behalf of the companies while maintaining agreed upon service levels.
It ensures the adherence to processes, the consistency of information and the efficiency of transactions in compliance with regulatory agencies.
The core functions are maintaining systematic accounting records and the preparation of consistent, reliable and timely financial information that provides a basis for proper decision making by users.
The treasury division is a vital component of our shared services that ensures the monitoring of the finances and the management of liquidity of the companies.
Treasury management includes liaising with the Central and commercial banks regarding matters of foreign exchange while treasury accounting reconciles daily movements through the system and efficiency of payment process.