Oversee the implementation of financial systems

Oversee the development and implementation of bookkeeping, accounting systems and asset management. It needs to ensure that accurate and comprehensive records of income and expenditure are appropriately maintained. You also need to make sure that the organization's asset register is maintained as required.

You don't have to do them yourself, just oversee them and make sure they are done satisfactorily.

Your organization should already have an accounting and reporting system that will determine a large part of what you do. You also need to be aware of legal requirements for financial management and reporting. They vary according to the kind of incorporation you have. For example, if you are a sole trader, you have no legal requirements, as long as you can report to the ATO. If you are an incorporated association, the requirements are not very difficult. If you are a public company, the standards are very definite.

Make sure that appropriate financial reports are prepared as required by your organization. Reports primarily need to enable good for decision-making. You will also have to oversee reports to funding bodies. The main purpose of these is for probity, to show that funds were correctly expended for the purposes you received them.

Performance

Monitor productivity and performance. Interpret the budget and financial information to see if the financial system is effective. You might have some leeway to take opportunities to get extra performance apart from the budget, but beware that you are not creating cost blowouts or unacceptably diverging from the budget.

Budget compliance

Check the actual income and expenditure against budgets at regular, identified intervals. Make sure that it keeps within agreed limits, does not compromise future spending, and conforms to your organization's policy and procedures.

Take action on actual or potential deviations from budget. Notify the appropriate people, propose corrective action and implement the proposed action.

Follow guidelines for managing unspent funds. Where appropriate, make sure that funds are invested according to organization procedures.

Other resources

You will also need to oversee resources other than budgetary items. The process in outline is fairly similar to monitoring budgetary compliance, although you might not always find it easy to reduce to numbers in the same way you do with money.

Oversee systems, procedures and records for documenting resource acquisition and usage, according to your organization's requirements. Make sure the system makes it easy for you to monitor resource usage because it is your job to do so. Monitor resource usage against your organization's targets, and investigate and rectify any deviations. (Follow your organization's procedures.) Put procedures in place to get the most competitive pricing for goods and services.

When individuals and teams have difficulties using resources to the required standard, make sure they get appropriate support and training.

Overseeing buildings is also your job. Follow your organization's procedures when assessing suitability and safety of buildings and equipment. Make sure that plans for upgrading buildings and maintaining equipment are established and implemented as required. Follow all relevant OHS and other legislation.

Task

Oversee the implementation of systems for financial management and reporting according to the instructions above. Be prepared to show your assessor what you did and why you did it the way you did.