Question

As a manager, what control measures do you need to establish to safeguard organisation’s financial resources in accordance with legislative and organisational requirements?

Answer 1

The ultimate role of a manager of an organization is to safeguard financial resources for an organization. Financial resources are essential elements for an organization to accomplish its future prospects. It is important to safeguard and secure the financial resources of an organization to avoid financial issues of policymaking in the future. Moreover, it is essential to store and secure financial resources to analyze budgeting process for the organization. Thus, the manager must take essential initiative to safeguard financial resources of an organization to avoid financial complications. Effective measures to control financial resources for an organization are as follows:

• The manager must create financial management to safeguard the financial resources of an organization. The manager must create a healthy internal environment to attract responsible personnel for financial management.
• The manager must ensure appropriate financial planning in each fiscal year keeping alignment with sales and revenue growth of that organization
• All previous budgets must be properly evaluated
• The manager must predict possible expenses of that organization
• A proper balance must be maintained between production, supply, and demand
• Must create effective policies to store and analyze financial information
• A global ledger framework must be developed to get detail info about the accounting process
• An effective and unbiased auditing system must be implemented