Alfil millers (u) Ltd has got a well-established full day operating finance department with a team of accounting professionals to ensure smooth running of operations. The Finance department is subject to audit by an Independent Audit firm (Jim Roberts and Associates) that is at end of each financial year. Our Financial year runs from July-June. End of year audits help to ensure that the Accounting information presented is in line with the Generally Accepted Accounting Principles (GAAPs) as required by the International Financial Reporting Standards. (IFRSs) The audits also help to ensure compliance with rules and regulations of other regulatory bodies like remittance of Value Added Tax which saw us upgrade from small tax payers to large tax payers’ base effective 2018, PAYE for our employees and National Social Security Fund (NSSF) for remittance of worker’s employment benefits.
Our payment methods range from cheques, cash basis with a full time cashier and direct deposits on our bank Accounts which are also our financial partners as listed below:
KCB Bank: USD: 2203015144
Tropical Bank: UGX: 0010275857 USD: 0010275873
Stanbic bank: UGX: 9030010799863 USD: 9030010799898.
Our loyalty and outstanding ties with our financial partners has made us win certificates of appreciation and acknowledgement for our contribution to their growth like Stanbic which is one of the most reputable banks in Uganda.
In addition we partner with Uganda Development Bank Ltd (UDBL) which is one of our greatest financers as far as financial support is concerned for most of our investments. The company sells to both local and customers outside Uganda (Exports). Transactional currency for exports is dollars while that for local is both USD and UGX. Exports comprise of bi- products i.e Wheat bran and Pollard plus wheat flour.