Overview

The financial management system of BEES is primarily software-based and operates in a decentralized manner. Each branch has an accounts officer, supported by a team of accountants, to consolidate and manage head office operations. These activities are guided by the financial management manual, human resource manual, and micro-finance operation manual, all of which are approved by the BEES General Board and regularly updated to reflect changes in the financial system.

A monthly asset and liability meeting is held to assess the organization’s financial health and risks. The central accounts team, led by an experienced accountant, is responsible for maintaining and monitoring day-to-day accounts, ensuring the accounting system is efficient, effective, and transparent. An accounting firm listed by the Microcredit Regulatory Authority (MRA) is selected for external audits, with approval granted during Annual General Meeting of BEES. The audited accounts are then approved by the Chairman of the Board. Additionally, the internal audit team conducts audits of various branches and accounts planned on at least a yearly basis.