Finance Department

At Durioo+, the Finance Team plays a critical role in steering the company’s financial direction. They are responsible for managing the company’s overall financial operations, including tracking income and expenses, overseeing cash flow, budgeting, and producing accurate financial reports. In essence, they handle the company’s finances to ensure stability and growth. The Finance Department serves as the backbone of the organization, linking every department by managing financial resources, supporting decision-making, and fostering sustainable growth.

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💳 Key Responsibilities of the Finance Department

The Finance Department is tasked with planning, overseeing, and analyzing all financial activities within the company. Their goal is to maintain financial stability, ensure regulatory compliance, and provide the data and insights needed for sound strategic decisions. Their responsibilities span across budgeting, cost control, financial reporting, and liquidity management.

• Budgeting & Financial Planning
  The finance team develops annual and quarterly budgets, forecasts revenue and expenditures, and ensures that financial plans align with overall business objectives. They work closely with other departments to allocate resources appropriately and set spending limits that support operational and strategic priorities.
  
• Cash Flow Management
  Maintaining a healthy cash flow is essential to daily operations. The finance team monitors incoming and outgoing cash, ensures sufficient bank balances, and prepares forecasts to anticipate future cash needs. Effective cash management helps avoid payment delays and ensures the business can seize timely opportunities.
  
• Financial Reporting
  The department prepares key financial documents such as the Profit & Loss (P&L) statement, Balance Sheet, Cash Flow Statement, and internal Management Reports. These reports provide valuable insights for leadership and stakeholders, offering a transparent view of the company’s financial performance and position.
  
• Expense Monitoring & Cost Control
  Finance monitors operational spending to ensure efficiency and fiscal responsibility. They review spending requests, analyze expenditure trends, and identify areas to cut costs without compromising quality or growth. This function is vital for maintaining profitability, especially during economic challenges.
  
• Compliance & Audit Coordination
  Ensuring compliance with tax regulations and financial laws is another key function. The team manages tax filings, handles payments, and stays current with evolving tax legislation. They also work with external auditors during audits, preparing necessary documentation and maintaining transparency in financial practices.
  

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💻 Finance Detail

Accounting Period :

• Durioo Sdn. Bhd. : 1 March – 28 February
• DD Animation Studio Sdn. Bhd. : 1 February – 31 January

Accounting System that we used :

• XERO Accounting System : Xero is cloud-based accounting software designed for small businesses.

Hubdoc:

Hubdoc is a web-based document management and financial data capture system that integrates with accounting software that is linked with XERO.

• DDA : ddafinance.3b54@app.hubdoc.com 
• Durioo : durioofinance.b643@app.hubdoc.com

External Accountant:

We engaged an external accountant from Mahzan Sulaiman PLT. This individual is not a Durioo+ employee but offers professional accounting services on a contract basis, either through an accounting firm or independently. Their responsibilities typically include bookkeeping, preparing financial reports, handling tax filings, and offering financial or business advice.

Auditor:

We hired Mustapharaj PLT as our auditor. Their primary role is to independently review and verify the accuracy of our financial records and statements. They need to ensure that the financial data is reported fairly and complies with the applicable accounting standards and regulations. They also evaluate the strength of internal controls and help identify potential risks, such as fraud.

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💸 Payment Request Process Flow 

The payment request process flow within a finance department generally involves receiving a payment request, verifying its validity, obtaining necessary approvals, processing the payment, and recording the transaction. This ensures proper accounting and adherence to financial policies. 

Here’s a more detailed breakdown:

• Request Initiation
  • The team starts by submitting a Payment Request Memo or Invoice to Hubdoc.
  • This often involves submitting an invoice with relevant details like the vendor’s information, the amount due, and the reason for the payment.

• Verification and Validation
  • Finance will then review the request to make sure it’s valid, within budget, and follows company policies.
  • We will verify the accuracy of the information provided, including invoices and vendor details.
  • If needed, we might ask for extra documents such as contracts, agreements, or purchase orders to support the request.

• Approval and Payment Process:
  • Once everything looks good, the request goes to the authorized approvers. Either Sinan or Nuown for approval.
  • Once approved, the payment is processed through our company account: Maybank (MYR | USD | GBP) / PayPal / Aspire / Wise / Credit Card
  • We keep track of all approvals for accountability and to make sure we follow financial controls.

• Recording and Reconciliation:
  • Once the payment is made, it’s recorded in our accounting system—XERO.
  • The transaction is reconciled with bank statements to ensure accuracy and completeness. 
  • Relevant documents like the Memo or Invoice are also uploaded to the system for easy reference and future audits.

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💰 Sales Invoice Request Process Flow 

Here’s how the sales invoice request process works in our finance department from receiving the request to sending out the invoice and processing payment.

Here’s a more detailed breakdown:

• Request Receipt & Validation:
  • The process begins when a sales invoice request is submitted, typically through our internal communication channels, Google Chat.
  • The Finance Department reviews the request and cross-checks it with existing sales orders, contracts, or other supporting documents to confirm the accuracy and authorization of the invoice details.
    
• Invoice Generation:
  • Once validated, the Finance team generates the sales invoice using our accounting system, XERO.
  • The invoice includes key details such as the invoice number, date, customer information, description of goods or services provided, quantity, pricing, payment terms, and any applicable taxes.

• Invoice Distribution & Payment Process
  • After preparation, the invoice is sent via email to the relevant external party (e.g., customer/vendor) or to the internal department that initiated the request.
  • All necessary payment details are clearly outlined in the invoice. Once approved, payment is expected according to the agreed-upon terms.