Elements and Performance Criteria
- Develop approaches to financial management.
- Assess scope of financial management requirements for a given organisation or project.
- Identify need for and organise specialist accounting assistance where appropriate.
- Develop approaches to financial management based on overall direction and goals of the organisation or project.
- Develop financial management systems and procedures according to organisation needs.
- Develop and monitor financial procedures and systems.
- Develop financial procedures and systems to meet relevant statutory and internal control requirements.
- Communicate importance of financial objectives, management controls and systems to all staff.
- Develop practical procedures and systems for monitoring income and ensuring payment of accounts.
- Research and integrate the use of current industry practices and technology into systems where appropriate.
- Check compliance with procedures and systems on a regular basis.
- Monitor the flow of financial information within the organisation in terms of currency, accuracy, level of detail and relevance.
- Review financial management systems regularly and make adjustments according to organisation needs.
- Make pricing decisions.
- Make pricing decisions based on current, sufficient, accurate and relevant financial and marketplace data.
- Identify fixed, variable and semi-variable costs.
- Perform and interpret simple cost-volume-profit analysis.
- Set appropriate profit margins according to organisation policy and calculate prices correctly.
- Monitor financial performance.
- Monitor budgets against performance targets on a regular basis.
- Negotiate corrective budgets to maximise business performance.
- Take remedial action to address financial performance problems where appropriate.
- Prepare and interpret profit and loss statements accurately with appropriate level of detail.
- Conduct financial ratio analysis and apply the findings to financial management and reporting as appropriate.
- Communicate feedback on positive and negative performance to appropriate colleagues in an appropriate manner.
- Prepare financial reports.