Teesside University Finance Department

The Finance Department at Teesside University plays a crucial role in the institution's overall operational success. It is responsible for managing the university's financial resources, ensuring fiscal compliance, and providing financial information and advice to support strategic decision-making. The department's activities encompass a wide range of functions, including financial planning and budgeting, transaction processing, financial reporting, treasury management, and procurement.

Financial planning and budgeting form a cornerstone of the department's responsibilities. The team works collaboratively with academic and administrative departments to develop realistic and sustainable budgets that align with the university's strategic objectives. This involves forecasting income, allocating resources efficiently, and monitoring expenditure throughout the financial year. Regular budget reviews and variance analysis are conducted to ensure financial targets are met and to identify areas where adjustments may be necessary.

Transaction processing involves the day-to-day management of financial transactions, including accounts payable, accounts receivable, payroll, and student finance. The department is responsible for ensuring the accuracy and timeliness of these transactions, complying with relevant regulations and accounting standards. A robust system of internal controls is in place to safeguard the university's assets and prevent fraud.

Financial reporting is a critical function, involving the preparation of statutory financial statements and management reports. These reports provide a comprehensive overview of the university's financial performance and position, enabling stakeholders to assess the institution's financial health and make informed decisions. The Finance Department ensures compliance with accounting standards and regulatory requirements, maintaining transparency and accountability in its reporting practices.

Treasury management focuses on managing the university's cash flow, investments, and debt. The department aims to optimize returns on investments while minimizing financial risk. This includes monitoring cash balances, managing short-term investments, and maintaining relationships with banks and other financial institutions.

Procurement is an integral part of the Finance Department, responsible for ensuring that the university obtains goods and services at the best possible value. This involves developing and implementing procurement policies and procedures, managing supplier relationships, and ensuring compliance with procurement regulations. The department strives to promote sustainable procurement practices and support local businesses where possible.

The Finance Department also provides financial advice and support to staff across the university, offering training and guidance on financial procedures and regulations. They are committed to continuous improvement and innovation, utilizing technology to enhance efficiency and effectiveness in their operations. Ultimately, the Finance Department contributes significantly to the financial stability and sustainability of Teesside University, enabling the institution to achieve its strategic goals and provide a high-quality educational experience for its students.