Estimates & Forecasts
Developing reasonable estimates and forecasts for future expenses based on due diligence such as reference class forecasting.Business Cases
Creating formal proposals for spending including a return on investment or cost/benefit analysis.Budget Planning
Developing capex and opex budgets.Budget Approvals
Communicating proposed budgets and business cases to seek formal approval of spending.Financial Controls
Implementing financial controls such as segregation of duties for submitting, approving, dispersing, reconciling and auditing expenditures.Authorization
Implementing controls such that expenditures can't occur without authorization.Accountability
Ensuring that people are accountable for their expenditures and adherence to financial controls.Policy, Process & Procedure
Developing formal policy, process and procedure for financial controls. This may consideration productivity using techniques such as automation that streamline such processes.Procurement
Adhering to an organization's procurement policies to select and manage suppliers and partners based on formal and transparent processes that prevent fraud.Compliance
Compliance to laws, regulations, standards and internal policy.Audit Trail
Retaining all information related to financial activities and transactions to support future audits.Audits
Supporting financial audits.Monitoring & Escalation
Monitoring finances to immediately escalating issues, risks and irregularities. For example, escalating to executive management when you realize a project will go overbudget.Budget Admin
The process of continually updating a budget to reflect current realities.Financial Reporting
Communicating your financial estimates, plans, expenditures and position to stakeholders to create transparency.Summary
The following are common examples of fiscal management:
Overview
Fiscal management is the end-to-end process of planning, directing and controlling the financial resources of a government, organization or department.
| Definition: Fiscal Management | ||
Type | ||
Definition | The process of planning, directing and controlling financial resources. | |
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