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The function of finance department is planning, monitoring and controlling monetary resources in OPTCL.Finance is the lifeblood of any business enterprise. Efficient management ofbusiness is closely linked with efficient management of its finances.
The finance team of OPTCL comprises of experienced professionals like chartered accountants and cost accountants and the team is headed by Director (F).
The functional departments of finance in OPTCL corporate office are as under:-
Budget & Costing
Terminal Benefit Trusts
Apart from the above finance functions at corporate level, finance people are deployed in 53 accounting units all over Odisha in various constructions, maintenance, E&MR, telecom, civil divisions etc. The financial and accounting activities are being carried out through self-developed accounting software. Of late OPTCL has implemented ERP in which the financial activities have been integrated with other functions.
The financial activities in OPTCL broadly include the following:-
Envisaging finance requirement and raising funds on long term basis for various capital projects;
Budget & Budgetary control;
Working capital Management;
Short term & Long term investment planning;
Tax management and planning along with complianceof different tax laws;
Complying the requirements of the regulators like OERC & CERC;
Preparation of annual accounts as per Companies Act;
Managing the Pension and other Trust Fund;
Continuous analysis of existing systems &prcedures and streamlining the same as per business need;
Decision Support Information;
Financial Risk Analysis;
Carrying out special audits and complying with statutory Audits and various CAG Audits.
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