Good practice for managing money

Good practice for managing money

05 Governing the organisation
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Tips: Good practice for managing money
  1. Plan for the future so that the organisation has a clear idea of the funds needed.
  2. Approve budgets and regularly check income and expenditure.
  3. Look after members and all organisation resources.
  4. Check financial policies and procedures so they are up to date and transparent.
  5. Ensure that only authorised members of the organisation spend funds and sign contracts.
  6. Monitor finances to ensure the organisation has enough money to pay its bills, including staff wages.
  7. Get an independent auditor to audit the organisation’s accounts annually.
  8. Make sure the organisation’s financial information is accurate and reliable.
  9. Use resources efficiently.
  10. Get outside help on financial and business planning if needed.
  11. Make financial information easy to understand for the members of your governing body.
  12. Train new staff members and all directors in the organisation’s finances.