www.mango.org.uk One way to think about financial management to an organisation is like maintenance is to a car..... we need to put in good quality fuel and give it a regular service so that it will run efficiently.
www.mango.org.uk But if we neglect it, the car will break down and will not reach its intended destination.
www.mango.org.uk Financial control is at the heart of financial management...
www.mango.org.uk Financial control means that... Money is used properly Assets are kept safe Staff are protected Managers can sleep soundly!
www.mango.org.uk Review This a simple project management cycle... See if you can write down the equivalent of each stage in financial terms. Click when ready
www.mango.org.uk Review Receive & spend project funds Set the budgets Monitor the budget Build in learning and take action The financial planning cycle
www.mango.org.uk Why is financial management important in our work? What do you think? The next slides share ten good reasons How many can you get? Click when ready
www.mango.org.uk To be accountable to the people who give us money To be accountable to the communities we work with To minimise fraud, theft and abuse of resources To provide financial reports for regulatory bodies To plan for the future and become more financially secure
www.mango.org.uk To enable staff to make better decisions on the use of funds To achieve the objectives of the organisation To get best value for our money To enhance the credibility of the organisation To strengthen fundraising efforts
www.mango.org.uk A key feature of financial management is managing risk Two types of risk: Internal – from within, which we can do something about External – from outside so beyond our direct control
www.mango.org.uk Financial risks pose a threat to our financial resources. Write down one internal and one external risk facing your organisation... Click when ready