Pobal Training Initiative
Facilitated by:

 Using the “Financial
Management Guidance” Toolkit
 Understanding Financial
Management
 Planning and Budgeting
 Financial Bookkeeping and
Controls
 Financial Reporting
 Understanding Staff Costs
 How the tendering Process
Works
 Online Resources

 Reference Guide Covers:
Planning and Budgeting
Financial Bookkeeping
Financial Controls
Financial Reporting
Understanding Staff Costs
Tendering & Public Procurement
Procedures
Links to Further Information

 What is Financial
Management?
Reference pages 1 -3 of Toolkit

 The process of making the best use of an organisation’s resources
Requires:
Use of financial information
Adequate policies and procedures (preparation, recording and presentation)

 Planning Jargon Buster
(explanation of key terms)
 Developing a Strategic Plan
 Developing an Annual Business
Plan
 Developing a Budget
 Working out Cashflow
Requirements
 Managing Risk
 Developing a Reserves Policy

 Tool
… that organisations can use to help them imagine and manage the future more effectively.
 Process
… highlights the principal drivers of change and associated uncertainties facing an organisation at present and explores how they might play out in the future.
 Result: Scenarios
… a set of stories that offer alternative views of what the future might look like.

Anything Possible
Strong Labour Market
Business Remains the Same
People feel empowered
Social networking dominant
Society Meltdown
Depressed Labour Market
People feel disenfranchised

 Identifying and Managing
Risk
(Reference section 1.8 of
Toolkit)

Conflict of Interest
Poor Trustee Skills
Poor
Organisational
Structure

 Service Quality and
Development
 Employment Issues
 Health and Safety
Issues
 Fraud
 Contracts

 Cash Flow
 Diversity of
Income Sources
 Accuracy of
Financial
Information

 Public Perception and Adverse
Publicity
 Government
Policy

 Employment Law
 Fundraising
 Breaches of
Company Law
 Breaches of
Other Legislation

 Group Work:
John Robinson and his community group have identified a niche market collecting and safely disposing of agricultural plastics waste from farms around
North Munster and South-East
Leinster. In groups, identify the risks that you believe John and his community enterprise will have to manage if they are to successfully establish and grow the business.
Report back your findings!

 Financial bookkeeping and financial controls jargon buster
 Bookkeeping good practice – section 2.1
 Apportioning costs
 Putting adequate financial controls in place (Annual Review of Internal Controls hand out)
 Preventing fraud

 In groups, discuss how you and your board would manage the following scenario.
In preparing your end of year accounts and financial statements, your accountant has drawn your attention to a discrepancy of €10,500. This money appears to have been taken by a senior manager to cover their un-vouched travel expenses during the first quarter of 2011.
What should you do?

 Annual Financial Statements:
Provide information about the organisation
Assist decision-making in relation to the organisation
Assess risk
Assess solvency
Review performance

 External Auditors: review financial statements in an unbiased way
 Internal Auditors: monitor risk management, reporting and control practices
 External grant auditors: review activities, performance and that grants are being spent as per funding rules and within budget
 Audit of Annual Financial
Statements – section 4.8

Key Issues to Consider:
 Salaries
 Travel and Subsistence
 Staff Records
 Employment status
 Statutory redundancy

 Competitive Tendering – section 6.1
 www.etenders.gov.ie
 Procurement Workflow – section 6.6

 www.pobal.ie
 www.wheel.ie
 www.carmichaelcentre.ie
 www.cro.ie
 www.erb.ie
 www.procurement.ie
 www.ictprocurement.gov.ie
 www.citizensinformation.ie
 www.revenue.ie
 www.ictu.ie