Presentation is loading. Please wait.

Presentation is loading. Please wait.

Facilitated by: Pobal Training Initiative. Using the Financial Management Guidance Toolkit Understanding Financial Management Planning and Budgeting Financial.

Similar presentations


Presentation on theme: "Facilitated by: Pobal Training Initiative. Using the Financial Management Guidance Toolkit Understanding Financial Management Planning and Budgeting Financial."— Presentation transcript:

1 Facilitated by: Pobal Training Initiative

2 Using the Financial Management Guidance Toolkit Understanding Financial Management Planning and Budgeting Financial Bookkeeping and Controls Financial Reporting Understanding Staff Costs How the tendering Process Works Online Resources

3 Reference Guide Covers: -Planning and Budgeting -Financial Bookkeeping -Financial Controls -Financial Reporting -Understanding Staff Costs -Tendering & Public Procurement Procedures -Links to Further Information

4 What is Financial Management? Reference pages 1 -3 of Toolkit

5 The process of making the best use of an organisations resources Requires: -Use of financial information -Adequate policies and procedures (preparation, recording and presentation)

6 Planning Jargon Buster (explanation of key terms) Developing a Strategic Plan Developing an Annual Business Plan Developing a Budget Working out Cashflow Requirements Managing Risk Developing a Reserves Policy

7 Tool … that organisations can use to help them imagine and manage the future more effectively. Process … highlights the principal drivers of change and associated uncertainties facing an organisation at present and explores how they might play out in the future. Result: Scenarios … a set of stories that offer alternative views of what the future might look like.

8 Strong Labour Market Depressed Labour Market People feel disenfranchised People feel empowered Business Remains the Same Society Meltdown Anything Possible Social networking dominant Example of 2 x 2 Schematic for Society

9 Identifying and Managing Risk (Reference section 1.8 of Toolkit)

10 Conflict of Interest Poor Trustee Skills Poor Organisational Structure

11 Service Quality and Development Employment Issues Health and Safety Issues Fraud Contracts

12 Cash Flow Diversity of Income Sources Accuracy of Financial Information

13 Public Perception and Adverse Publicity Government Policy

14 Employment Law Fundraising Breaches of Company Law Breaches of Other Legislation

15 Group Work: John Robinson and his community group have identified a niche market collecting and safely disposing of agricultural plastics waste from farms around North Munster and South-East Leinster. In groups, identify the risks that you believe John and his community enterprise will have to manage if they are to successfully establish and grow the business. Report back your findings!

16 Financial bookkeeping and financial controls jargon buster Bookkeeping good practice – section 2.1 Apportioning costs Putting adequate financial controls in place (Annual Review of Internal Controls hand out) Preventing fraud

17 In groups, discuss how you and your board would manage the following scenario. In preparing your end of year accounts and financial statements, your accountant has drawn your attention to a discrepancy of 10,500. This money appears to have been taken by a senior manager to cover their un-vouched travel expenses during the first quarter of What should you do?

18 Annual Financial Statements: -Provide information about the organisation -Assist decision-making in relation to the organisation -Assess risk -Assess solvency -Review performance

19 External Auditors: review financial statements in an unbiased way Internal Auditors: monitor risk management, reporting and control practices External grant auditors: review activities, performance and that grants are being spent as per funding rules and within budget Audit of Annual Financial Statements – section 4.8

20 Key Issues to Consider: Salaries Travel and Subsistence Staff Records Employment status Statutory redundancy

21 Competitive Tendering – section 6.1 Procurement Workflow – section 6.6

22


Download ppt "Facilitated by: Pobal Training Initiative. Using the Financial Management Guidance Toolkit Understanding Financial Management Planning and Budgeting Financial."

Similar presentations


Ads by Google