Inability to Practice and Demonstrate Responsible Financial Management

Posted by / Inability to Practice and Demonstrate Responsible Financial Management
  • It is too difficult to ensure prudent and effective budget utilization.
  • You cannot ensure operation within budget today.
  • It has not been successful.
  • It happens frequently that you run over budget or exceed appropriations.
  • There are consequences of that occurring.
  • You cannot track budget status and any changes to it.
  • It is not an effective process.
  • You cannot review historical encumbrance information with ease.
  • You are not using any type of encumbrance management system.
  • It is not working well.
  • It does not integrate with your purchase order system.
  • You cannot cross fiscal years in your reporting on encumbrances and other aspects of finance management.
  • The organization can’t maintain balanced accounts with confidence.
  • Errors occur in inter fund transactions often.
  • It does take time and effort to remedy them.
  • You must use one chart of accounts or several.
  • Financial managers need to know all related accounts.
  • Inter fund transactions are reflected in the general ledger.
  • You must make sure the information is correct.
  • You must be audited and passed successfully.
  • Items for correction were not pointed out as a result of the audit.
  • You must ensure compliance with FASB regulations.
  • It is hard to make or recommend financial decisions.
  • Information does not usually serve as the substantiation for financial decisions.
  • It is not made available.
  • You cannot research grant transaction detail.
  • You cannot perform any inquiries regarding encumbrances.
  • Your financial management system does not make it easy to review historical information.
  • You cannot not report on committed purchases.
  • Reports are not accurate.
  • You cannot manage your payables control accounts.
  • You cannot distribute accounts payable to multiple control accounts.
  • Much manual intervention is needed in that process.
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