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Financial management checklist for managers


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Financial management checklist for managers

This checklist is intended to help managers and financial directors to review the level of internal control over operations and to assess the impact of any risk. It is intended that this checklist will be applied in the context of the financial management in an organization.

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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....

    Order 750 checklists in MS Word and PDF printable format at $49.99 USD only. BUY NOW! 

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