Do we regularly review our actual income and expenditure against budget?
Do we re-forecast when necessary?
How well do we recognise the implications of financial performance against budget on cash-flow and the balance sheet?
How well do we respond when there is a variance?
Do we prepare management accounts at appropriate intervals?
Are the management accounts useful to the board and the staff?
Do staff members understand and use the management accounts?
We report on actuals against budget on a regular basis.
We adjust our plans if the variances suggest it is necessary.
We prepare management accounts in time and often enough to act on the information they give us.
KnowHow Non Profit is a website which offers information, tips and ideas, and an online space for people to share what they have learnt with others. To take part in discussions and ask questions, it is necessary to register (free of charge), but much of the site is available without the need to register.
This section of the KnowHow Non Profit website includes a section on Financial Management and a number of links to other useful resources and websites. This includes a Financial Management System exploring core principles and a Budget section on developing and managing an organisational budget.
The National Council for Voluntary Organisations (NCVO) is an organisation which "gives voice and support to civil society" by supporting the voluntary and community sectors with advice and information.
The NCVO's Funding and Finance section offers information on sustainable funding, financial management, income sources, planning and other resources.
This link takes you to the Funding and Finance of the NCVO's publications list. Titles include 'The Good Financial Management Guide for the Voluntary Sector' (25) and 'Introducing Funding and Finance' (free of charge).