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Elements and Performance Criteria

1. Plan for financial management
   • Review and analyse previousfinancial data to establish areas which have generated a profit or loss
   • Undertake research to review reasons for previous profit and loss
   • Review business plan to establish critical dates and initiatives that will require or generate resources in the next financial cycle
   • Analyse cash flow trends
   • Review statutory requirements for compliance and liabilities for tax
   • Review existing software and its suitability for financial management
2. Establish budgets and allocate funds
   • Use previous financial data to determine allocations for resources
   • Make informed estimates of new items for inclusion in budget
   • Prepare budgets in accordance withorganisational requirements and statutory requirements
3. Implement budgets
   • Circulate budgets and ensure managers and supervisors are clear about budgets, reporting requirements and financial delegations
   • Manage risks by checking there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions
   • Review profit and loss statements, cash flows and ageing summaries
   • Revise budgets, as required, to deal with contingencies
   • Maintain audit trails to ensure accurate tracking and to identifydiscrepanciesbetween agreed and actual allocations
   • Ensure compliance with due diligence
4. Report on finances
   • Ensure structure andformat of reports are clear and conform to organisational and statutory requirements
   • Identify and prioritise significant issuesin statements, including comparative financial performances for review and decision making
   • Preparerecommendations to ensure financial viability of the organisation
   • Evaluate the effectiveness of financial management processes