Financial Management is one of the key ways an organisation has of measuring its performance and is therefore a vital component of every organisation.
Underpinning all Financial Management systems is a series of financial policies and procedures which guide the operation and lay out of how your organisation uses and manages its money. The financial procedures manual brings all these policies and procedures into one document. It helps to establish controls within your organisation which will ensure accuracy, timeliness and completeness of all your financial data. It is imperative that your organisation has a financial procedures manual in place.
There is no one model layout of a financial procedures manual. Below are the content headings of a typical financial procedures manual which can act as a starting point for your own manual to be adapted for your organisation’s requirement, structure and activities.
What should be included in the Financial Procedures Manual?
1. Financial Responsibilities
2. Budgetary control and monitoring
3. Controls on Income
4. Controls on Expenditure
5. Controls on financial assets /record keeping
6. Controls on Human Resources
7. Controls on physical assets
8. Policies and procedures for GDPR
For effective governance within you organisation your financial policies and procedures needs to be documented in your financial procedures manual and communicated to all staff in your organisation.
Please contact Deirdre McDermott if you have any further queries on writing a Financial Procedures Manual or in relation to our tax and accounting services.
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