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Self Reflection In Financial Management

Satisfactory Essays
Self -Reflection on Module 8.2a
Financial Management
Before the commencement of the sub-module 8.2, we were supposed to choice either 8.2a (Financial Management) or 8.2b (Investing Social Security Reserves), because the sub-module is divided into two. I have decided to take the sub-module 8.2a, and during online VC sessions, I have had gained some basic knowledge from this subject (Financial Management). For me, this is the first time I had chance to learn about the subject, before that I have just heard some information about financial management only from a friend who studied Accounting and working as Auditor at Association of Chartered Certified Accountants (ACCA) consultancy in Ethiopia. From the beginning I am so much eager and impressed
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In my day to day studying times, I can prepare accounts manually with the assistance of some videos on youtube and I am also planning to use a computer package to prepare restaurant accounts in near future. Moreover, I am lucky enough to have some basic knowledge about methods and principles of financial planning, instruments and mechanics of accounting, procedures and documents required for financial reports , methods and techniques of controlling finance, principles and instruments of auditing and methods and techniques of fraud prevention in financial…show more content…
 Income data (experiences, estimates of sales, fund rising, membership etc and planned activities).
 Data come from previous budgets, estimates, experience of others and public available statistics.
I was also able to identify the main uses of accounting and these are as follow:
 Information
All organizations need to keep records of their financial transactions so that they can access
Information about their financial position, including: summary of income and expenditure, the outcome of all operations, assets and liabilities.
 Legal requirement
There is often a statutory obligation to keep and publish accounts and donor agencies almost always require audited accounts as a condition of grant aid.
 Future planning
Although financial accounting information is historical (i.e. happened in the past), it will help managers to plan for the future and understand more about the operations of the NGO (Lewis, T. 2013. Mango’s Handbook for NGOs: page
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