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FINANCE DEPARTMENT
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DIVISIONS & SECTIONS
DIVISION / SECTION HEAD COUNT
CFO secretariat 7AccountingDisbursementPayroll / TaxesGeneral Accounting
85
Financial Control
Head Office PaymentsFinance CellsEngineering FinanceP & L FinancePrecision Engineering FinanceFlight Services FinanceFlight Operations Finance
115
Fuel Control 26
Budget & Financial Monitoring 25
Revenue Accounting 533
Funds Management 31
Total 822
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Establish effective budgeting policies & procedures and annual preparation of operating and capital budgets.
Establish policies and procedures to produce clear, accurate and timely monthly financial reports for thepersonnel of top management, as a means of measuring results against profit targets and appraising individualperformance.
Establish effective capital budgeting and project evaluation techniques, to be used in annual budgeting andcontinuous project analyses.
Preparing and supplying accounting data, yield data, load factor data, budget assumptions, etc. as required.
Determine long range capital requirements and negotiate loans and finances with banks.
Accurate maintenance ofPIAs books of account, ensuring that professional standards are being met, adequatefinancial controls are in place, reports are accurate and meaningful and procedures are efficient.
To ensure that PIA is optimizing its corporate tax liabilities while adhering to tax statutes in all countries wherereturns must be filed.
To ensure that PIAs insurance coverage is adequate for potential liability risk or loss of property.
FUNCTIONAL OBJECTIVES
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Keep record and control over all Payments, Disbursements at all Domestic / Foreign stations other than:
Payroll
Fixed Assets
Inventories
Expenses accounted for by Departmental Finance Managers
Submit monthly foreign exchange earnings and expenditure statements to the State Bank of Pakistan.
Verify that all monthly station reports in the assigned region, are received on time.
Prepare the station reports for data processing and ensure that errors or anomalies are communicated back tostations.
Monitor timely receipt of D-15 and other reports i-e. Budget Register, Staff Payments Register, Disbursement
Accounting Summary, Bank / Imprest Reconciliation Reports from all Domestic / Foreign stations.
Ensure that Disbursement Observations Notes (DONS) are prepared on monthly basis in respect of stations.
Consolidation of Sales Tax input data from all Finance Cells and Domestic stations for submission to LTU.
Reconciliation of Withholding Tax.
SCOPE OF WORK DONE-
ACCOUNTING
(DISBURSEMENT)
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Preparation of monthly payroll.
Submit payroll data input directly to Data Processing.
Liaise closely with the Administration Department to ensure that changes to collective bargaining agreements or
interpretations thereof that impact salaries and allowances are incorporated in the payroll system.
Supervises and controls foreign salaries, taxes and allied expenses. Ensures that local staff of Foreign Stations
is paid their salary and other emoluments in accordance with their terms and conditions. Elaborates
Management's policy on pay and allowances at foreign stations.
Ensure that corporate regulations are being observed in respect of employee loans, loan repayments, expense
reimbursement, allowances, etc. and accurate accounts and records are being kept in this respect.
To arrange deduction of income tax from the employees of the Corporation.
Provide statistics for and communicate with tax consultants & FBR on any matter pertaining to withholding of
taxes.
Ensure the accurate and timely final settlement of accounts for employee retirements and terminations.
To coordinate with Audit/Legal and HR for the resolution of discrepancies in the final settlement of the retiringemployees.
SCOPE OF WORK DONE-
ACCOUNTING (PAYROLL /
TAXES)
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Propose and, once approved, implement improvements to financial policies and procedures to conform with
generally accepted accounting practices, to tighten financial controls or to speed up the preparation of financial
reports.
Maintain, the consolidated financial records of the company
Coordinate with all divisions of Finance to ensure timely and accurate data flow into the headquarters general
ledger.
Approve financial reports prepared for submission to third parties such as banks, IATA, government agencies,
etc.
Establish effective procedures to account for PIAs fixed assets and inventories.
Maintenance of chart of Accounts.
To provide fixed assets inventory list to all stations and concerned areas on net work basis for physical
verification and updating on periodic basis.
Liaise with government and statutory auditors to provide them with accounting records, discuss their findings and
implement any worthwhile recommendations.
Provide the Budget Section with monthly financial results to allow them to make comparisons to budgets and to
analyze variances.
SCOPE OF WORK DONE-
ACCOUNTING (GENERAL
ACCOUNTING)
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SCOPE OF WORK DONE-
FINANCIAL CONTROL (HEAD
OFFICE PAYMENTS) Arrange payment to Contractors, Government Organizations and other outside parties in respect of
disbursements relating to respective Divisions/Sections and Departments.
Exercise budgetary control over payments.
Exercise functional control over the Divisional Accounts Officers and provide guidance in the financial matters as
and when required.
Apprise Management about the Credit realization/Accumulation trends and suggest measures to curb any
increase and highlight weak areas.
Compile the annual budget estimates of Department after obtaining necessary Capital and Revenue expenditure
requirements duly discussed with the Sections concerned and finalize the same with G.M. (Budget).
Maintain proper files, record and correspondence etc of the section.
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SCOPE OF WORK DONE-
FINANCIAL CONTROL(FINANCE
CELLS) Provide support service to concerned user department for discharge of financial obligations, payments &
recording of transactions.
Preparing and disbursing the salaries of employees of user department.
Assist the user department in preparation of budgets.
Exercise the budgetary control on payments being made.
Maintaining accounting records and reconciling information system data with that maintained in general ledger.
Preparing MIS reports for top managements perusal.
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SCOPE OF WORK DONE- FUEL
CONTROL
Provisioning, procurement and supply of Aviation fuel.
Develop strategies and tactics for procurement of Aviation fuel for scheduled and non scheduled flights on
economical price.
Develop Fuel Hedging options and prepare recommendations for Fuel Hedging Committee.
Administer Aviation fuel contracts suggest modification and initiate action for review of existing contracts.
Negotiate contracts with oil companies for supply of Jet fuel and make recommendations for the consideration of
Management.
Ensure maintenance of accurate and adequate statistical data relating to cost of production, availability of
supplies, third parties charges, oil companies market shares.
Market research with respect to demand, supply and price of Jet fuel prevailing in the oil market. Responsible for arranging offline refueling for VVIP and charter flights.
Ensures that the standards, quality and quantity of fuel received by PIA is maintained to the prescribed level.
Makes efforts to remove all short-falls, pin-points areas of wastage in refueling/defueling in coordination with
Engineering and initiates remedial measures expeditiously.
Monitor Economic Tankering Policies for minimum expenditure in coordination with Flight Dispatch by providing
fuel prices.
Certification of Aeronautical bills in accordance with the PIA operations.
Certification of Landing / Overflying / Navigational / Parking / Aerobridge invoices as per approved NOTAMS.
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Prepare, as the final product of the annual budget cycle, a PIA consolidated earnings statement, a balance sheet,
a cash flow statement and foreign exchange cash flow statement before the beginning of the fiscal year being
budgeted broken down by month, by cost centre and route/sector Assist all levels of management in establishing their own budgets.
Verify / reconcile all monthly Budget vs Actual data with master Budget / General Ledger.
Assist in establishing a workable set of definitions of direct cost, fixed cost, cost centers and Head Office
allocations that will form the basis for monthly reporting of actual results.
Produces quarterly/six monthly/annually historical operating cost reports by type of Aircraft, Route, flying hours
etc. Based on actual performances and duly reconciled with Financial Books and Route-wise P & L statements
for management information.
Establish capital project evaluation techniques such as present value, discounted cash flow, Accounting returns
on investment, payback, etc, and assist management in the proper application of these techniques.
SCOPE OF WORK DONE-
BUDGET & FINANCIAL
MONTIORING
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Propose and, once approved, supervise the application of policies and procedures to process PIAs revenue
documents, to calculate consolidated revenues and establish outstanding balances of unused tickets.
Manage the continual processing of all system-wide revenue documents.
Liaise closely with the Marketing Department in establishing policies which impact the sales effort.
Receive, validate for completeness and accuracy and submit to Data Processing airway bills (AWB) issued by
PIA throughout the system.
Maintain historical records and statistics of cargo transactions.
Liaise closely with the Cargo Marketing section to provide them with all necessary accounting of statistical
support.
Supervise the printing, distribution and security of revenue documents used throughout the PIA network.
Receive from stations and prepare for data processing, flight coupons uplifted on PIA flights. (Average of 0.5
million coupons, paper and e-ticket are processed monthly)
Calculate monthly revenues and unused ticket balances for management reporting and as input to general
accounting.
Looking after the Refund Unit, to ensure that refund policies are observed throughout PIA network.
SCOPE OF WORK DONE-
REVENUE ACCOUNTING
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Deal with banks as to establish banking arrangements and operation of bank accounts on behalf of PIA at
network.
Prepare short and medium term cash flow analysis, incorporating forecasts from all operating units.
Placement of cash surplus in accordance with established policies as to pricing, currencies and maturities.
Assist in arranging short/long term financing as per PIA requirements.
Arranging bank guarantees, LCs, and other such instruments.
Ensure timely receipt of stations bank reconciliations and follow up discrepancies with respective station.
Ensure that all banking transactions are accounted for and reconciled with general ledger on monthly basis. Alldiscrepancies / errors are timely corrected / adjusted.
Preparing a host of MIS reports i.e., Daily Report of Availability/Non-availability Credit lines/loans, , Project
expenditure reports on Aircraft Financing as part of PIAs fleet replacement plan, preparing and updating the debt
servicing schedules for aircraft and working capital loans etc.
SCOPE OF WORK DONE- FUNDS
MANAGEMENT