How to establish financial management for Non-profit organization

Financial management means planning, organizing and controlling the financial activities such as utilization of funds of organization and more.  It is more than keeping accounting records. It is an essential part of an organization as it’s not a separate task to be left financial staff. Financial management is used to achieve the objectives of organizations.

Amir Sohail Rammay, a finance manager in Al Saif Motors through his experience of several years will suggest you how to establish sound financial management. As per him you can only achieve this if you have better organizational plan. Sound financial management will get you in a long term strategic planning and short-term operations planning.

Advantages of Financial Management

·         Ready for long term financial maintainability.

·         Make productive and efficient use of resources.

·         Achieve targets and fulfill commitments to stakeholders.

·         Gain the respect and confidence of the funding agencies , partners and beneficiaries

·         Gain advantage in competition for progressing insufficient resources.

Components of good Financial Management

Ø  Clear finance Strategy: Your financial strategy is a plan of how you make use of it in financing your organization and its activities, plus what amount of money you will need and from where you will get. Your strategy should describe how you plan to move from current position to the desired one.

Ø  Strategy for Generating Income: Generating  income from a number of different resources provide an organization a much needed  sustainability in economic challenging times which will help in building successful organization in future.

Ø  Durable financial management system:  It’s helpful to identify some principle that leads to develop a good financial management system which will act as guide to trustees and managers when they tend to make any decisions related to finances.

Ø  Suitable internal environment: Good financial management allocates distinct responsibilities to people within the organization. If the organization is large, then they will be much more different roles for a people in the organization. It’s better to have clear structure of “who is doing what” as your organization grows.

If you want financial management for your organization Amir Sohail Rammay Reviews will help you to learn what the basic requirements for financial management are. Amir Sohail Rammay is specialized in various domains like formulating financial strategy, investment of funds, formulating risk management facility and more.