Financial Management Activities
Module: Financial Management
Financial Management
Broad Aim
The aim of this module is to give participants an overview of the role of managers in controlling financial resources.
Training outcomes
By the end of this module, participants will be able to:
• Identify the main elements of financial management and assess whether the financial management in their station is adequate
• Identify the financial policies needed in a radio station
• Develop a budget
• Do a cash flow projection
• Develop and interpret a variance report Activity 1.: Problems with managing finances
What are the main problems that your station has with managing money?
What do you want to learn about managing money?
What is financial management?
Financial management is about planning income and expenditure, and making decisions that will enable you to survive financially.
Financial management includes
• financial planning and budgeting,
• financial accounting
• financial analysis,
• financial decision-making and
• action
Financial planning is about:
• Making sure that the organisation can survive
• Making sure the money is being spent in the most efficient way
• Making sure that the money is being spent to fulfil the objectives of the organisation
• Being able to plan for the future of the organisation in a realistic way.
Financial Accountability
In non-profit organisations, the money that you are using is held in trust – on behalf of the community that you serve. The money is not the personal possession of the individual staff members. They have to account for how they used the money, to show that it was used to benefit the community.
In a profit-making organisation, it is easy to hold management accountable. We simply ask: did they make a profit?
In a non-profit making organisation we ask: did they use the money to benefit the community in the best possible way?
Financial accountability can be broken down into two
Financial Management
Broad Aim
The aim of this module is to give participants an overview of the role of managers in controlling financial resources.
Training outcomes
By the end of this module, participants will be able to:
• Identify the main elements of financial management and assess whether the financial management in their station is adequate
• Identify the financial policies needed in a radio station
• Develop a budget
• Do a cash flow projection
• Develop and interpret a variance report Activity 1.: Problems with managing finances
What are the main problems that your station has with managing money?
What do you want to learn about managing money?
What is financial management?
Financial management is about planning income and expenditure, and making decisions that will enable you to survive financially.
Financial management includes
• financial planning and budgeting,
• financial accounting
• financial analysis,
• financial decision-making and
• action
Financial planning is about:
• Making sure that the organisation can survive
• Making sure the money is being spent in the most efficient way
• Making sure that the money is being spent to fulfil the objectives of the organisation
• Being able to plan for the future of the organisation in a realistic way.
Financial Accountability
In non-profit organisations, the money that you are using is held in trust – on behalf of the community that you serve. The money is not the personal possession of the individual staff members. They have to account for how they used the money, to show that it was used to benefit the community.
In a profit-making organisation, it is easy to hold management accountable. We simply ask: did they make a profit?
In a non-profit making organisation we ask: did they use the money to benefit the community in the best possible way?
Financial accountability can be broken down into two