De Montfort University
John Whitehead Building
The Newarke, The Gateway
Leicester, LE1 9BH, UK
Income Team - student related enquiries / accounts receivable: firstname.lastname@example.org
Accounts payable - invoicing queries: email@example.com
Finance systems: firstname.lastname@example.org
Procurement services: email@example.com
All other finance queries: firstname.lastname@example.org
1. Financial Planning and Performance
Financial Planning and Performance is managed by Mohamed Takolia, under the overall direction of the Chief Finance Officer, Dr Pete Cross. This section is responsible for the financial planning of the university and populating the 5 year plan for both internal and external reporting.
Planning – The Finance Partners will work with Faculties & Directorates in establishing the budgets of the respective time period over a 5 year cycle and also scenario and horizon planning.
Performance – The team consists of a Finance Partner in Faculties and SIPS and their finance teams to ensure budgets are being managed in accordance with the financial regulations and governance processes.
Reporting – The team work with Financial Reporting in producing monthly financial reports and also on a quarterly basis produce the financial information in a activity based costing format reflecting the financial performance of the faculties.
2. Financial Services
Financial Services is responsible for processing and reconciling all financial transactions relating to all incoming and outgoing payments, treasury management and expense compliance. The Head of Financial Services is Zubair Limbada who is supported by the following teams, under the overall direction of the Chief Finance officer, Dr Pete Cross:
The income team ensures that all income due to DMU is invoiced, collected, banked, posted and reconciled. This requires close working with all Faculties and Directorates across the university, key sponsors such as the Student Loan Company (SLC) as well as customers and partners from both public and private sectors. Ensuring all income due to DMU is received without delay is critical to ensuring DMU continues to operate and invest effectively.
- Accounts payable
The Accounts Payable team is responsible for receiving, posting, processing, payment and reconciliation of all supplier invoices and payment requests relating staff, students or other ad hoc requirements. Payments are made every Thursday for all cleared transactions and more frequently where necessary. This is critical in ensuring there is no interruption in the supply of goods and services required to deliver great student experience.
The Treasury function is responsible for forecasting and monitoring the cash flow on at least a monthly basis. This summarises all incoming and outgoing payments and ensures sufficient cash is available to meet day to day operational needs and to inform investment decisions. Close working with bankers and fund managers for cash and endowments held is an important aspect of this function.
- Expense compliance
This role is responsible for undertaking spot-checks on compliance of claims made by DMU staff for out of pocket expenses and corporate credit card expenditure, particularly in relation to DMU’s Business Expenses Policy and relevant HMRC guidance. Integral to this role is the administration and reconciliation of cash advances and credit card records.
3. Taxation Services
Taxation Services is managed by Beverley Russell, under the overall direction of the Chief Finance Officer, Dr Pete Cross. Taxation provide support to the wider university with regard to issues arising relating to taxation. They are also responsible for periodic tax returns, in particular, quarterly VAT returns, annual corporation tax and the PAYE supplementary agreement (PSA).
4. Procurement Services
Procurement Services is managed by Martin Satchwell, under the overall direction of the Chief Finance Officer, Dr Pete Cross. Procurement services provides a complete range of purchasing services to the university including procurement and related advice on contracts, tenders and quotations.
In addition, the team monitors the purchase order process, is responsible for the negotiation of insurances, contributes to the risk management process, and manages a range of central service contracts.
Please see attached link for our Procurement Strategy.
5. Financial Reporting
Financial Reporting covers a number of aspects in the finance directorate and is managed by Matthew Smith, under the overall direction of the Chief Finance Officer, Dr Pete Cross. This area of the directorate is responsible for:
- Annual Accounts
Preparation of the Annual Accounts for both DMU and DMEL. The production of the financial statements commences in April each year with the interim audit looking at DMU’s controls and processes, the checks and balances on the full year’s figures takes place in September and the formal sign off by the Board of Governors occurs in November. The Financial Statements are then published and filed with the Office for Students.
- Statutory Financial Returns
The statutory financial returns are governed by the Office for Students and cover all areas of DMU.
- Business Partnering
The Finance Partners for the directorates work within Financial Reporting, this work covers the annual budgeting process, monthly financial reporting and quarterly forecasting. The Finance Partners are responsible for ensuring value for money and funds are used in a pro-active manner.
- Corporate Reporting
Reports are produced on a monthly basis for all faculties and directorates to confirm financial position in a standardised format, as well as Reporting on a corporate level to Executive Board and Board of Governors.
- Finance Systems
Finance Systems are responsible for ensuring the SAP finance system functions on a daily basis, they maintain the chart of accounts, access in order to ensure segregation of duties and monthly system-related routines, plus any other system-related tasks.