The Path to Effective Financial Management

Review Governance
 

• Establish Accountability
• Policies and Procedures
• Authorization framework
• Establish Transparency
• Proper documentation and support
• Document Management

 
Establish Deliverables
 

• What is the overall goal
• Break it down
• Establish expected results - Deliverables
• Create a methodology to reach them
• Get the entire organization involved – buy-in

 
Develop Forecasts
 

• What will reaching the deliverables cost?
• How or who will pay for it?
• Cost sharing across programs?

 
Create the Budget
 

• Must be effective – What we expect more than what we want.
• Match activities with costs
• Understand core vs program costs
• Ensure the program can help support the overall organization

 
Collect the Data
 

• Follow Policy and Procedure
• Processes:
• PO Systems
• Expense reports
• Authorization framework
• Gather documentation and support

 
Understand the data
 

• Internal reporting against the budget
• Variance analysis

 
Reporting the data
 

• Meet the funders requirements
• Make sure it is timely
• Make sure it is accurate
• Follow the required format