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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