Financial management is a core competency for service line managers in the modern public sector. Many service line managers receive little or inadequate training in this competency and some may even be in denial about their important role in managing financial resources. The consequences of poor financial management can seriously harm the financial stability of the service, availability of future funding, ability to deliver services, team morale and relationships between the service and the finance team.
This 4-day course will develop competencies in financial management providing the knowledge and practical application skills to enable you to:
- Confidently discuss financial issues with your own staff and with finance staff supporting your service
- Understand and analyse financial activity reports
- Operate key financial controls
- Plan, set and manage a budget
- Interpret budget variances and devise appropriate strategies to respond to them
- Develop financial oriented performance measures
- Improve the value for money delivered by your service
Learning points are explained in clear, simple language and are illustrated with real-world examples. Application is through problem solving and discussion of case studies. Participants are encouraged to share their experiences and learn from each other.
This program answers questions such as:
- Why should I manage finances and what are my responsibilities?
- What is the difference between cash and accruals accounting?
- Who sets financial controls, what are the consequences if they are not operated effectively and what are my responsibilities for their operation?
- How are resources allocated to budget holders?
- What is the difference between a plan, budget and a forecast?
- How should I monitor and manage my budget?
- What is benchmarking, how is it done, how often should I do it?
- Where should I go in my organisation for further information and guidance?