Tips: Good practice for managing money
- Plan for the future so that the organisation has a clear idea of the funds needed.
- Approve budgets and regularly check income and expenditure.
- Look after members and all organisation resources.
- Check financial policies and procedures so they are up to date and transparent.
- Ensure that only authorised members of the organisation spend funds and sign contracts.
- Monitor finances to ensure the organisation has enough money to pay its bills, including staff wages.
- Get an independent auditor to audit the organisation’s accounts annually.
- Make sure the organisation’s financial information is accurate and reliable.
- Use resources efficiently.
- Get outside help on financial and business planning if needed.
- Make financial information easy to understand for the members of your governing body.
- Train new staff members and all directors in the organisation’s finances.