Course summary

Well done on completing this course. Here is a summary of the key ideas from the course. We encourage you to discuss what you have learnt with your team.

Tips for financial leadership:

Here are some helpful financial pointers for leaders with limited financial experience or starting out in a new organisation:

• Understand the basics
• Understand organisation’s budget
• Review financial statements
• Learn about key financial ratios
• Understand the cash flow
• Familiarise yourself with the revenue streams
• Know the major expense categories
• Gain insight on fundraising strategies
• Be aware of financial policies and procedures
• Ensure board financial oversight
• Ask questions
• Participate in financial planning
• Manage risks
• Promote financial accountability
• Invest in training and development
• Emphasise transparency
• Partner with financial experts

Key financial practices:

• Budgeting and planning
• Financial policies and procedures
• Cash flow management
• Revenue diversification
• Expense control and monitoring
• Financial reporting
• Grant management
• Audit and internal controls
• Board oversight
• Long-term financial planning
• Transparency and communication
• Training and capacity building
• Compliance and legal matters

Key financial controls:

Here are 10 key internal financial controls that will enable your organisation to have healthier finances.

• Separation of Duties
• Budgetary Control
• Documented Financial Policies and Procedures
• Regular Financial Reporting
• Internal Audit Function
• Restricted Access to Financial Systems
• Donor Fund Management
• Approval Processes for Expenditures
• Regular Reconciliation of Accounts
• Compliance with Legal and Regulatory Standards

Healthy financial practises:

Here are some helpful financial pointers for leaders with limited financial experience or starting out in a new organisation:

• Understand that the financial controls are operating effectively (monthly)
• Analyse the information that the system is producing and understand what the numbers are saying
• Understand how the performance to date will influence decision making as the organisation moves forward

Leaders guide questions:

• Which of the financial practices are you weak on and how can you improve that?
• Which of the financial controls are you weak on and how can you improve that?
• What help do you need to ensure healthy financial processes in your organisation and where can you find this help?