Exercising Controls Over Your Finance

Exercising effective financial control is important not only to ensure that you do not run out of money part way through a project or business but also to demonstrate your act of ACCOUNTABILITY and PROFESSIONALISM as an organisation.

Indeed, without financial control, debts are likely to occur and put your business at risk. It’s a well-known story: When you exercise control over your finances, you free yourself from potential issues or risks and will increase your income.

There are three requirements in exercising control:

Prepare a budget which is as accurate as you can make it;
Record carefully all your income and expenditure;
Compare the actual against the budget and take corrective action as and when necessary

To exercise control, demonstrate probity and enable the preparation of end of project and end of year accounts, you will need to Set up a computerized accounting package to record at least invoices/payments and to generate a comprehensive financial picture of the financial position of the project.

Our proposed solutions that will achieve the above objective and in chronological order are;