In Construction just as in the business world, sound financial management means the effective administration, maintenance of financial assets and monitoring of cash flows. This principle has been adopted at Ghantoot. The company monitors the inflows or the amount of money coming in and outflow or the amount of expenditures being made in various sources. At Ghantoot with early identification, we are able to manage the various risks to which a particular project may be exposed.

From Ghantoot's standpoint, financial management involves financial planning and financial control. Financial planning seeks to quantify various financial resources available and plan the size and timing of expenditures while financial control is the management of the costs and expenses in relation to the budgeted amounts.

At the project level, we introduce the following principle of Financial Management:
Budget Identification

This involves forecasting the total amount of people, equipment, materials and other expenses which includes setting up schedule as per the project plan. As an output to this, Project cash flows are produced weekly which identifies the finances needed for the project.

Sourcing for Funds

This is an additional funding option that can be used to deliver the project. With our financial strength, it is usually not required; it is always beneficial to have the option available in the event it is required.

Tracking

There is a need to track all expenses that occur as part of controlling expenditure. Project expenses shall be approved by the Project Manager or his designate.

Cash Flow Management

This involves management of cash needed to deliver the project.

 
 
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