Financial Management
Financial Management
Financial management connects money to mission. A school head does not have to be an accountant, but she does have to manage finance well enough to make good decisions and supervise daily operations. This chapter covers the basics, budgeting, budget structure and preparation, and monitoring and control.
What finance is, what financial management does, and how it differs from accounting
What a budget is, its two main features, the six reasons schools need one, and how budgeting fails
The four-level master budget and the four-step budget preparation process
How to monitor a budget through the year, what variance analysis tells you, and corrective action
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