Financial management checklist for managers

General operations

• Regularly review and update a 3-5 year business plan available for objective setting
• Make sure your employees clearly understand their job responsibilities
• Document processes to provide proper internal training and guides for current and new personnel
• Make sure your cash reserves can adequately cover services/operations for a term (week, month, year)
• Find what operations are performed well and which of them could be improved
• Use benchmark standards to compare operations to similar operations at other organizations
• Regularly monitor the financial status of the operations

Accounts and records

• Keep the books of account up to date, settled and in good order
• Support all documentation registered and complete
• Keep all transitions clear and traceable from start to finish through the accounting records
• Check if your bank shows any unusual or uncertain items (e.g. old cheques, delayed banking of cash)
• Keep the chart of accounts up to date and available to all concerned

Financial statements

• Check if income is well-planned and in line with expenditure
• Check if there is enough cash available to pay off immediate debts
• Calculate actual revenues from each service/operation
• Calculate profit margins for each service /operation
• Always retain documentation and records on the last internal audit
• Check the outcomes of the last audit and what actions have been taken

Reports on budget monitoring

• Make reports circulation regular and prompt
• Check if income and expenditure broadly match the budget
• Detect unusual variances and mismatches between the budget and expenditure
• Try to find proper and adequate explanation of those variances and mismatches
• Make sure all items linked on the budget, behave consistently
• Check if the figures match the data in reports

Internal Control

• Set adequate separation of duties and responsibilities
• Conduct a spot check on the cash to detect potential unexplained shortages
• Check if there is a higher than usual use of cash
• Conduct a spot check on the salaries records to detect non-existent employees (ghost workers)
• Check if all taxes have been paid to the authorities
• Check the assets register and audit the availability of all equipment listed there
• Identify and terminate financially unviable services/operations
• Check if the ending cash balance is negatively affected....

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