As for the project implementation, financial implementation means to monitor the development of the project to understand whether the project is meeting its targets and, if not, how to intervene to rectify the situation.
Financial Implementation involves the development of policies and procedures to monitor the progress made by the project in relation to its allocated budget. It is a good idea to draft a manual where all the procedures adopted by the financial team are spelled out. This will also help the donors to review your books and verify your expenses.
As a suggestion, your manual could include the following sections:
- Accounting Routine (what are the people in the financial team suppose to monitor, when and how)
- The Authorisation Procedure for Transaction (how does the organisation pay its employees or how does it purchase goods?)
- Names of those authorised to process transaction
- Bank and Cash Handling Procedures
- Reporting Routine
- Internal Assessment Procedure
- Deadlines for assessments and reports in relation to the project’s time schedule
If this is your first project, you should also elaborate a series of templates such as Authorisation Forms, Request for Payments Forms, Standard Invoice Forms etc, which will be used for this and future projects.
Essential to Financial Implementation is also to create a practical filing system where all the documents related to the financial administration, receipts and invoices are kept and ready to be inspected.
