Manage your finances
Financial management is important for all businesses, but particularly for charitable organisations and social businesses & enterprises. However, many overlook this part of their business. It might be through a lack of understanding or a perception that they cannot afford the correct resource. In a presentation to the ClearlySo Social Business Conference 2010 Ian Oakley Smith and Rachel Taylor of PricewaterhouseCoopers emphasised the importance of an effective financial management team. Drawing on their experiences of companies they had helped during their own careers, they examined why financial management was necessary, what you need from a team and the essential ingredients. This guide is based on that presentation.
About the authors
Rachel Taylor is a director at PwC in the assurance part of the business and has worked extensively with no for profits. Ian Oakley Smith is also a director at PwC working in the business recovery services team. He is an accountant, but also is a licensed insolvency practitioner. He uses his experiences of companies which have faced difficulties to work with them in a preventative measure.