WHY UNDERTAKE A FINANCIAL HEALTH CHECK?
An organisational financial health check is a similar concept to a medical check-up with your doctor however this is a health check of your organisation with a view to:
- Identifying any areas of risk to the organisation
- Identify possible opportunities for the organisation
- Give confidence in the organisation, to funding agencies and other stakeholders.
One of the keys to operating a successful organisation is to have completely transparent knowledge and awareness around what the business does and doesn’t do well so that opportunities can be maximised and risks mitigated.
Every organisation is different and financial management systems must reflect this. A ‘one size fits all’ approach does not work. But the key aspects of good practice are the same for most organisations most of the time. The Health Check focuses on those key aspects; they are the foundation stones of good practice.
The ClarityNT Financial Health Check only provides a general indication of the health of your organisation’s financial management. It is not an exhaustive list of all aspects of financial management.
It does however provide the organisation with a solid understanding of areas of concern raised from the Health Check. This then allows the organisation to focus on an improvement project to address and improve the weaknesses.
The Health Check is an integral part of an organsiation at any stage in the business cycle and provides assurance to stakeholders as to the integrity of the organisation and its
Areas covered by a Health Check
- Planning and Budgeting
- Accounting Systems
- Grant Management
- Financial Reporting
- Internal Controls