QMUL Finance Department

Queen Mary University of London’s (QMUL) Finance Department plays a crucial role in managing the university’s financial resources and ensuring its long-term financial sustainability. It’s a multi-faceted department responsible for a wide range of activities, from budgeting and financial planning to procurement and ensuring regulatory compliance.

A core function of the department is financial planning and budgeting. This involves developing the university’s annual budget, forecasting future income and expenditure, and monitoring financial performance against agreed targets. This requires close collaboration with various academic and professional services departments across QMUL to understand their financial needs and priorities. The finance team analyzes data, prepares reports, and provides strategic advice to senior management to support informed decision-making about resource allocation.

The department also oversees the university’s accounting and reporting functions. This includes maintaining accurate financial records, preparing statutory accounts, and ensuring compliance with relevant accounting standards and regulations. The team manages the university’s payroll, accounts payable, and accounts receivable processes, ensuring timely and accurate payment to staff and suppliers, and efficient collection of revenue. They are responsible for processing transactions, reconciling accounts, and providing financial information to internal and external stakeholders.

Procurement is another key area of responsibility. The Finance Department manages the university’s procurement processes, ensuring that goods and services are purchased in a cost-effective and compliant manner. This includes developing and implementing procurement policies and procedures, managing supplier relationships, and negotiating contracts. The goal is to obtain value for money while adhering to ethical and sustainable procurement practices.

Financial compliance is paramount. The department ensures that the university complies with all relevant financial regulations and legislation, including those related to taxation, VAT, and funding body requirements. This involves developing and implementing internal controls, conducting audits, and providing training to staff on financial compliance matters. Maintaining a strong internal control environment is essential for safeguarding the university’s assets and preventing fraud.

The QMUL Finance Department is structured to provide expert financial support and advice to all areas of the university. The teams within the department often include specialists in areas such as financial accounting, management accounting, treasury management, and research finance. The department plays a vital role in ensuring the financial health and stability of Queen Mary University of London, enabling it to continue its mission of providing high-quality education and research.