Tag Archives: #company money

How to tell whether you are managing the finances of your organization in a prudent manner

Managing money

The following questions can help you understand whether you are managing the finances of your organization in a prudent and sensible manner.

  • Where is your organization money kept?
  • What interest are you earning on it?
  • Is this the best place for your money?
  • Who has authority to withdraw money, how much and for what reasons?
  • What policy statements exist to guide levels and items of expenditure?
  • How do you report what was spent?
  • Who keeps the records?
  • Who checks the records?who audits your accounts?
  • What financial controls are in place in your organization?
  • How do you save on projected expenditure?For example:
  • Travel-look for accounts, group rates.
  • Accommodation-seek volume discounts,make arrangements with one hotel and use it whenever needed.
  • Seek donations of resources-e.g office space, office equipment, vehicles,fuel, insurance and clothing.Are there others?
  • How successful have your money management practices been in the past?
  • What do you need to improve?

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