Finance Introduction

Session outline Basic finance systems Principles of financial management for Boards/committees Policies and good practice

Basic finance systems Who will use the system? What does the system need to do?

Basic finance systems Who will use the system? – Skills (IT, numeracy, attention to detail) – Access (Board/committee, staff) – External examiner or auditor (end of year) – Funders (transparency) What does the system need to do? – Record money in – Record money out – Provide project detail and general overview

Basic finance systems Excel – Lower skills threshold – Accessible to non-finance people – Transferable to Word in table format for reports etc

Basic finance systems Cost centres Budget headings or accounts codes Cross referencing to receipts/vouchers Dates and details Totals/balance linked to overview Paper files – income and outgoings Regular and consistent use

Principles of financial management Stewardship – trustees’ responsibility Accountability – using resources well Transparency – open to scrutiny Viability – well planned and costed Standards and systems focus on consistency Commitment

Policies and good practice Finance manual – Delegated authority – Procedures (petty cash, backing up electronic records etc) – Reporting (frequency and format) – File guide – Cost centre guide – Budget heading/accounts codes guide

Policies and good practice Policies – Travel and subsistence – Pay scales and pay rises, timesheets – Procurement and purchasing – Use of business cards