Writing a financial process manual

Financial manual kenya

You could ask them to sign it to confirm their understanding. Everyone in an organization needs to follow the financial policy and procedures laid out in the Finance Manual. The finance manual impacts on all financial aspects of project delivery and should be available as an office resource throughout project design, planning, implementation and close out, to check policy and procedure if necessary. Assets Give details of the process for purchasing new assets, plus your procedure for recording and checking assets. Benchmarking List the benchmarking practices and tools you use. As well as helping to reduce misunderstandings and errors, this will also make it easier for auditors to check compliance. What's a policy? But rather than view it as such, see it as an opportunity to define and refine your processes, get everyone working efficiently together and save valuable time and money. Risk analysis and risk register Show how you analyse and manage risk. How do I use it?

Budgeting procedures Include your processes for preparing and approving budgets and authorising budget changes or transfers. Yes, the manual is a government requirement.

Financial management processes and procedures

Policies are usually written by senior managers and discussed and agreed by the Board. Staff also have to fill in vehicle log-sheets for all trips in a project vehicle. Risk analysis and risk register Show how you analyse and manage risk. Your manager is there to support you. Assets Give details of the process for purchasing new assets, plus your procedure for recording and checking assets. You could ask them to sign it to confirm their understanding. Getting the whole team to read and use the document is likely to be one of your biggest challenges, so make sure everyone likely to need the manual is made aware of it. Everyone in an organization needs to follow the financial policy and procedures laid out in the Finance Manual. Our first tip for achieving a useful working document is to consult with different groups — for example, finance staff, budget holders and external auditors — and use their input to shape processes. Accounting systems and controls Describe how you record different financial transactions, your audit arrangements, and your procedures for month-end and year-end accounts. What's a procedure? So what should you actually look to include? It also means the procedures outlined in the policy should accurately reflect those that are in place in your school. Case Study: Avoid conflict in your family business 'It took Cory and Lyndon about two years of financial struggle and hard work before the business started to change — but it has been for the better, and the company has continued to thrive ever since.

Sometimes a policy will need a supporting procedure. Writing while doing is a great way to ensure you capture all the steps, so involve your employees and write policy and procedures as you're working on a particular activity.

accounting policies and procedures manual doc

How do I write or customise my manual? When do I use it? Once you break the document down into manageable chunks, progress becomes a lot easier.

Writing a financial process manual

Governing body Detail the governance you have in place and the policies and the procedures you follow. Yes, the manual is a government requirement. The finance manual impacts on all financial aspects of project delivery and should be available as an office resource throughout project design, planning, implementation and close out, to check policy and procedure if necessary. It also means the procedures outlined in the policy should accurately reflect those that are in place in your school. What's a procedure? Case Study: Avoid conflict in your family business 'It took Cory and Lyndon about two years of financial struggle and hard work before the business started to change — but it has been for the better, and the company has continued to thrive ever since. The question is, is that manual something your team use and refer to on a near-daily basis? On a basic level, that means the document should refer to your school by name, and use the terminology commonly used within your school. Procedures are clear and concise instructions on how to abide by the policy and detail the sequence of activities that are required to complete tasks. Sometimes a policy will need a supporting procedure.

For example, if you have a new customer, write up how you'll record the details, where these will be kept, how you'll set a customer credit limit etc.

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Writing the financial procedures manual