Becoming an Inclusive Leader - Bernadette Thompson
How Financial Managers Add Value
1. What value does a good
Financial Manager bring to
an organisation?
Prepared by Martina Morrow
2. Introduction
• Actions in the workplace at all levels
have an impact
• With every task, ask yourself ‘how can I
add value?’
• Creating measurable, positive and
powerful outcomes will benefit the
organisation
3. How a Financial Manager adds value
• Saving money
• Making money
• Improving efficiency of processes and procedures
• Improving quality of services
• Fixing existing problems
• Preventing future problems
4. Saving money
• Through effective management of
procurement processes
• Researching suppliers of goods and
services, and making recommendations
to budget holders
• Negotiation with existing suppliers for
better prices
• Offering tips to help staff reduce
wastage – e.g. only printing what is
necessary to save paper, etc.
5. Making money
• Sourcing areas of funding
- Governmental level
- Business/industry sponsorships
- Charitable funding
- Ad-hoc grants – e.g. Big Lottery Fund
• Reducing, reusing, recycling
- Waste production could be significantly cut,
saving money on disposal costs
- Cut down on printing, photocopying,
packaging, etc.
6. Improving efficiency of
processes and procedures
• Ensure staff are aware of individual and
collective goals and deadlines
• Maintain a clear distinction between the
financial responsibilities and duties of staff
and how they fit into ‘the bigger picture’
• Regularly review financial procedures – are
there better and smarter ways of working?
• Provide advice and training where
appropriate to budget holders
• Ensure reports, management information,
budget profiles, etc. are fit for purpose
7. Improving quality of services
• Always be aware of one’s « audience » and
what they need
– Internal – management information, budget
reports, income and expenditure statements
– External – published annual accounts,
information for drawing down of funds,
responses to FOI queries where appropriate
• Delivery of services within a timely manner
and to an agreed framework
• Listing and communicating tasks for short,
medium and long term, reviewing
completeness at each stage
8. Fixing existing problems
• Human errors
- Identify problem and solution (e.g. incorrect
journal posting and steps to correct)
- Are there skills/training issues to address?
- Misinformation? Address any
communication issues
• Technical errors
- Liaise with ICT professionals and helpdesks
- Screengrabs and solutions – use in training
• Always allow appropriate amount of lead time
in case problems arise!
9. Preventing future problems
• Clear goals – individual and collective
• Awareness of deadlines
• Accuracy of input and verification/signatures
• Segregation of duties
• Appropriate training – systems, procedures,
communication, presentation
• Audit trails of all transactions
• Regular reviews of financial procedures
• Spot checks of records and transactions
• Identify risks and develop management
strategies