eQualityTime Finance-project-issues issues

eQualityTime / Finance-project-issues

Issues related to Rob's report.

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issues

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The procurement policy and process should be documented and implemented to demonstrate how value for money is achieved when purchasing high cost items.

#27 joereddington opened 4 years ago
1
The strategic plan should be reviewed and updated (the latest version is from 2017). The strategic plan should also include eQuality Time’s vision (if it has one) and mission statements and key strategic objectives.

#26 joereddington opened 4 years ago
0
Approval of expenditure should be captured and documented and flied along with the supporting documents. The approval could be captured electronically or written onto the invoice or a payment voucher. This provides a much clearer audit trail of the approval process. Approval should be given for the amount to be paid, the payee, the invoice or document number, and the relevant accounting codes (expenditure category and project code).

#25 joereddington opened 4 years ago
1
Having up to date, regular accurate financial reports will ensure that action can be taken to maximise the use of funds and take corrective action where required.

#24 joereddington closed 4 years ago
0
All budgets should be reviewed before submitting to a funder. A second pair of eyes is essential to ensure the budget is complete and accurate.

#23 joereddington closed 4 years ago
1
Monthly bank reconciliations should be undertaken and reviewed by someone who did not prepare them.

#22 joereddington opened 4 years ago
1
Develop management reports that compare actual income and expenditure against budget including variance analysis. The management reports should also include information on bank balances and debtors and creditors and reviewed at least quarterly by the Board.

#21 joereddington closed 4 years ago
1
Budget responsibility should be formally delegated to the COO. As eQuality Time grows and recruits new project managers, the budget responsibility should be delegated to the relevant project managers.

#20 joereddington opened 4 years ago
0
Where items are not covered by the normal expenses policy, these should be invoiced to and paid for by eQuality Time directly rather than being paid for and claimed back via the expenses process. This will ensure payments are recorded in the books of accounts more quickly, invoices are clearly made out to eQuality Time and there is less risk of mixing personal and business expenditure.

#19 joereddington opened 4 years ago
1
The reserves policy should state a minimum reserve target. An expenditure budget for the next financial year is required to test whether eQuality Time are operating within their reserves policy of 50% of annual expenditure.

#18 joereddington closed 4 years ago
3
A separate core cost budget should be prepared so that it is clear how much the organisation costs to run. This will also ensure that, where contributions to core costs are included in donor budgets, they are based on budgeted costs.

#17 joereddington opened 4 years ago
0
A fixed asset register / inventory list should be maintained for items of equipment.

#16 joereddington opened 4 years ago
1
Where projects are funded by more than one donor funding grids should be introduced. The funding grid is a tool which identifies which donor is funding what within a project and to identify where there are funding gaps.

#15 joereddington opened 4 years ago
0
Where there are significant changes during the year with new projects approved, an updated forecast should be prepared for discussion and approval by the trustees.

#14 joereddington opened 4 years ago
0
Chart of accounts (rather than expenditure categories) and cost centres should be used to track income and expenditure as the organisation grows (section 3)

#13 joereddington opened 4 years ago
0
A monthly cashflow forecast should be prepared

#12 joereddington opened 4 years ago
2
A standard organisational budgeting template should be developed that can be used to prepare project budgets, core cost budgets and an annual consolidated organisational budget which show clear calculations and include explanatory notes.

#11 joereddington opened 4 years ago
3
Develop a more formalised Go/No Go process that documents new opportunities

#10 joereddington closed 4 years ago
1
Develop project reports that compare actual income and expenditure against budget including variance analysis. These should be prepared at least quarterly now (section 2) and monthly as the organisations grows up to £250k (section3).

#9 joereddington opened 4 years ago
1
Trustees’ annual report and accounts, which have been independently examined, should be prepared and submitted to the Charity Commission within 10 months of the year-end date.

#8 joereddington closed 4 years ago
0
Annual Budget - prep, variance, and new version.

#7 joereddington closed 4 years ago
1
A skilled accountant with charity and grant accounting experience should be employed/engaged to maintain the books of accounts, provide monthly financial reports and lead on the financial management of the organisation. (section 3)

#6 joereddington closed 4 years ago
1
Switch to Quickbooks

#5 joereddington closed 4 years ago
0
Formal delegated authority document

#4 joereddington closed 4 years ago
0
Donor reports should be in the donor format and financial reports easily traced back to the underlying records.

#3 joereddington closed 4 years ago
2
Recruit a new Trustee who has a strong background in charity finance and grants.

#2 joereddington opened 5 years ago
0
"Train staff"

#1 joereddington closed 4 years ago
2