The Finance and Accounts Department of the National Root Crops Research Institute (NRCRI), Umudike is responsible for the effective management of the Institute’s financial resources. The Department ensures transparency, accountability, and compliance in the recording, processing, analysis, and reporting of financial transactions in line with Federal Government financial regulations and international best practices. It plays a vital role in supporting informed decision-making, prudent resource utilization, and the achievement of the Institute’s strategic objectives.

The Department is headed by the Director or Head of Finance and Accounts and operates through two functional divisions:

• Finance Division
• Accounts Division

Together, the Department comprises 11 specialized units dedicated to delivering efficient financial management and administrative support.

Finance Division

The Finance Division consists of four key units:

• Cash Office Unit – Manages approved payments, cash transactions, and petty cash records.
• Revenue Unit – Oversees revenue collection, sales records, and remittances.
• Grants Unit – Administers financial records for externally funded projects and grants.
• IPPIS Unit – Coordinates staff payroll and salary-related matters through the Integrated Personnel and Payroll Information System (IPPIS).

Accounts Division

The Accounts Division comprises seven specialized units:

• Other Charges Unit – Processes financial vouchers, maintains vote books, and manages expenditure documentation.
• Payroll Unit – Administers payroll records, tax clearance, payslips, and statutory deductions.
• Central Stores Unit – Manages inventory, procurement records, asset custody, and annual stock verification.
• Reconciliation Unit – Reconciles the Institute’s financial records with bank statements to ensure accuracy.
• Final Accounts Unit – Maintains financial ledgers, asset records, staff advances, and prepares annual financial statements.
• Purchasing Unit – Coordinates procurement activities and maintains purchasing records.
• Budget Unit – Develops and coordinates the Institute’s annual budget in collaboration with the Planning Department.

Key Achievements

The Finance and Accounts Department has made significant progress in strengthening the Institute’s financial management through:

• Digitalization of payment processes.
• Timely preparation of financial reports.
• Improved budget planning and utilization.
• Enhanced financial transparency and accountability.
• Increased efficiency in payment processing.
• Improved revenue collection and financial control.
• Strengthened internal controls to minimize financial risks.
• Streamlined accounts payable and receivable processes.
• Reduced operational costs through modern accounting systems.
• High compliance with audit standards and excellent financial reporting outcomes.

These achievements have enhanced operational efficiency, improved cash flow management, strengthened financial governance, and contributed to the sustainable growth and development of the Institute.