SAJIDA Foundation’s Finance and Accounts Department performs a vital role within the organization in improving program efficiency, enhancing management decision-making capabilities, and promoting transparency and accountability. This department manages the collection and storage of financial data accrued from transactions conducted by relevant cost centers. The data is compiled for management use, enabling a dynamic supervisory framework and the comprehensive monitoring of SAJIDA’s diverse programs.
Over the years, SAJIDA Foundation has actualized a stringent financial and procurement policy. This achievement relies on the issue of meticulously documented rules and regulations pertaining to account management. For every project at SAJIDA Foundation, budgets are maintained to be fully transparent and accessible. The Head Office finally compiles various project reports to develop the organization’s annual budget. SAJIDA Foundation’s Finance and Accounts Department has four specific functions, which are also often inter-related. These functions are:
(1) Recording Financial Transactions: ensuring that the organization has accurate records of its revenues, expenses, assets, liabilities and capital;
(2) Strategic Management Accounting: providing data to assist managers and other internal users in their decision-making, performance measurement, planning and control activities, as well as pricing;
(3) Financial Reporting: providing information about the organization to external users that is useful to them in making economic decisions and for assessing stewardship of the organization’s management; and
(4) Treasury Management: managing the funds of the organization, namely cash and working capital items, plus short and long-term investments, short-term and long term debt and managing financial risk.
The Finance and Accounts Department prepares SAJIDA Foundation’s financial statements in strict accordance with international reporting and accounting standards. SAJIDA Foundation strives for excellence and transparency in its financial reporting. SAJIDA has received numerous national and international awards in recognition for its accomplishments in the preparation, disclosure and maintenance of a commendable financial reporting platform. The Foundation has regularly received awards and recognitions from the Institute of Chartered Accountants of Bangladesh (ICAB) and the South Asian Federation of Accountants (SAFA). SAJIDA Foundation has also been awarded a trophy by the International Labour Organization’s (ILO) Microinsurance Innovation Facility for its commitment to enhancing the value of microinsurance and for participating in the ILO Practitioners Learning Group (PLG) on Improving Client Value 2011-2013. The trophy was awarded at the PLG Experience Sharing on Improving Client Value Forum held on November 10, 2013 in Jakarta, Indonesia. SAJIDA Foundation was also selected as Most Innovative Institution (MFI) under Citi Micro-entrepreneurship Awards by the Citi Foundation. A complete list of awards and recognitions are listed in the table below.