Elements and Performance Criteria
- Interpret financial reports
- Statistical financial reports are identified and analysed and the best methods of interpreting the data are determined.
- Financial reports are received and income shortfalls and expenditure runs are identified, documented and discussed.
- Financial reports are evaluated and financial impacts and implications are considered and documented.
- Implement systems for financial management and reporting
- Financial management and reporting procedures are developed in accordance with organisational and legal requirements.
- Appropriate financial reports are prepared as required by the organisation.
- Bookkeeping and accounting systems are implemented to ensure that accurate and comprehensive records of income and expenditure are appropriately maintained for the business unit.
- Regular reconciliation against operational budgets is undertaken and any deviations are acted upon as appropriate.
- Manage the use of funds
- Actual income and expenditure is checked against budgets at regular, identified intervals.
- Expenditure is assessed as being within agreed limits, does not compromise future spending requirements and conforms to the organisation's policies and procedures.
- Actual or potential deviations from budget are reported to appropriate personnel and proposals for corrective action are developed and implemented.
- Monitor financial performance
- Financial budgets and projections are produced as required for each forward period and distributed to relevant personnel in accordance with legal and organisational requirements.
- Financial performance targets are regularly monitored and reported and data is gathered to establish the extent to which the financial plan has been met.
- Operational strategies are monitored for their effects on the financial plan.
- Financial ratios are calculated and evaluated according to organisational benchmarks.
- Financial plan is assessed to determine whether variations or alternative plans are indicated and changed as required.
- Appropriate action is taken to ensure the achievement of profit or designated target and return to the business unit in accordance with the business plan and legal requirements.