Financial management problems

All organizations, regardless of size, put procedures into place that enable personnel to increase revenues while slashing costs. Even nonprofit institutions -- such as government agencies and charities -- cope with the challenges that come with running efficient operations. Not just funds for one business unit, but cash for the entire organization with a long-term vision.

Financial management problems

It can indicate the award was not planned carefully enough to support a request of sufficient funding to complete the award. For those Sponsored Research Accounts that end with a deficit, prompt cost-transfer requests must be submitted by the department or the administrative area.

The cost transfer will initiate the process of moving remaining outstanding expenditures from the Sponsored Research Account to the appropriate departmental GL account.

14 Problems of Financial Management in Public Sector Undertakings

There is little virtue in ending a Sponsored Research Account with a large balance of funds. Rarely does the sponsor allow the institution to keep the money. Rather, it must be returned to the sponsor where it can create a fair amount of accounting inconvenience.

Institutions that return large unused portions of sponsored research funds are not rewarded for their frugality. This does not mean that there will never be instances when there are legitimate reasons for major under spending of a sponsored research award.

Nor does it mean that unbridled spending of remaining sponsored research funds should take place in the waning months of a project.

Financial management problems

Rather, careful planning, monitoring, ongoing communication with the sponsor, and revising of the work plan as needed should be the norm throughout the life of the award.DOD financial management has been on GAO's High Risk list since because of long-standing internal control deficiencies, the effects of which extend beyond financial reporting and adversely affect the economy, efficiency, and effectiveness of its operations.

Financial Management is an essential part of the economic and non economic activities which leads to decide the efficient procurement and utilization of finance with profitable manner.

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Financial management problems

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Problems in Financial Management | Bizfluent