The finance department is responsible for developing and implementing financial policies, strategies, plans and programs, preparing annual revenue and expenditure budgets based on cost analysis, developing financial performance indicators, monitoring, analyzing and reporting financial status and information, handling all payments as per the financial policies and rules, maintaining accounts of expenditures, preparing all required financial statements, including final accounts, assessing and settling tax obligations and assist in conducting internal audit.
The Expense department has ensured that less than one percent bad debt remains outstanding and keeps track of cost of operation. The department plans and coordinates expenses related to financial functions by projecting annual expenses, preparing annual budget and coordinating with external agencies and internal departments. The department explicitly works with other departments in preparing the annual budget and financial statements and makes recommendations on requisite changes in existing expense related policies to Manager, Finance and Managing Director as well as coordinating with internal and external auditor to finalize annual financial statements.
Buddha Air’s clean and transparent audit records enabled it to receive a loan of USD 10 million from the International Finance Corporation (IFC) of the World Bank for the purchase of the two new ATR 42-320 on 4 September 2008. Purchasing the first ever ATR 42-320 was a huge step forward towards the expansion of its fleet. A few years later, Buddha Air added an ATR 72-500 aircraft with the help of IFC, World Bank.
As a result of its well managed team and sound financial conditions, Buddha Air was able to prepay the loan on 16 May 2016 - two and a half years in advance.