Not sure where to begin? Start here to get your financial foundation stones in place.
Just as you need solid foundations in place to build a house that will last, so with an organisation there are financial foundation stones that you should have in place to build a robust, high-quality organisation, that will stand the test of time.
The four financial foundation stones are:
Planning is looking ahead at anticipated financial activity, whether it is a continuation of activity or a new project.
Three key areas that fall under the Planning foundation stone:
Recording is about building and maintaining a structured record of your organisation’s financial transactions.
Two key areas that fall under the Recording foundation stone are:
Reporting tells your management committee, members, funders, regulators and other stakeholders how the organisation’s finances are doing.
Four key areas that fall under the Reporting foundation stone are:
Procedures are the financial rules that an organisation follows, or may have to follow by law. You should set down some rules to help keep track of your organisation's financial health, procedures help to prevent error and fraud.
Key topics that fall under the Procedures foundation stone are:
Help with financial management
A range of services provided by WYCAS (West Yorkshire Community Accounting Service) are available to help your organisation with its finances. These services may help you to get your organisations financial foundations in order. To find out more contact WYCAS.