Elements and Performance Criteria
- Establish financial system requirements
- Consult relevant stakeholders and analyse existing financial plans to determine financial system requirements for efficient financial administration
- Identify and record reporting and procedural requirements that affect the organisation for future reference
- Include satisfactory security mechanism for internal financial audit controls in system specifications
- Identify risks to financial viability and cost contingency strategies to manage risk
- Design financial management systems
- Access sources of competent assistance and use advice to secure financial records and assets
- Ensure financial management system design provides accurate and timely information about organisation’s transactions, working capital and cash flow
- Identify, acquire and implement installation of equipment and software needed for operation of system to support organisation’s transactions
- Ensure financial reporting requirements are known and used by relevant personnel
- Ensure established financial reports provide accurate and timely data required for financial decision making
- Produce agreed schedules of account recording and reconciliation systems at regular intervals that support organisation’s service provision and business decisions
- Ensure mechanisms for review of terms of trade and fee structures are suited to organisation’s needs and meet industry standards
- Prepare financial reports at regular intervals in required format to meet external audit requirements
- Prepare and review financial plans
- Link financial plans to reviews of organisation’s strategic business plan to enable timely financial adjustments
- Maintain probity in planning and implementation of financial management activities
- Ensure financial plans provide reasonable basis for budgeting and ongoing financial management of organisation
- Monitor and review financial reporting systems