Lesson Learned Guiding Principles
Financial management cannot be driven by the finance department. The job of the Finance department is to provide timely and accurate financial reports according to the organizational structure and to advise management. Management needs to drive the Finance Department. To do so, good management systems are required to track budgets, forecast expenses, regularly account for variances, and develop and track annual budgets. The Board is also closely involved through a Finance Committee to monitor on a quarterly basis the budget and balance sheets…
