One very essential thing that school managers must give focus to is fiscal management in order to achieve better operation in the school. Financial or fiscal management means efficient management of money or funds in such a manner as to accomplish the objectives of the organization.
Financial Management is the key responsibility of every educational manager or leader. It is said that without efficient and effective financial management, organizations such as schools may find it difficult, if not impossible, achieve their respective goals.
It includes how to raise capital or budget and how to allocate it. It will be done for the benefit of the school in order to successfully realize all its undertakings and achieve educational goals and objectives.
A significant part of this is the MOOE or Maintenance and Other Operating Expenses and also the outlay like facilities equipment, etc.
Furthermore, efficient management of financial resources can ensure that resources can achieve the maximum performance as little waste as possible. Efficient financial management may deliver a successful service that meets school objectives as completely as possible.
On the other hand, effective financial management may refer to the result or outcome, depending on the financial goal of the school.
Financial management therefore may further suggest of seeing to it that the school has the funds it requires to meet its goals and that such funds are used for the worthwhile purposes for which they were meant to be utilized.
Financial management includes such areas as the procurement of funds, their allocation, monitoring their use in the interest of accountability and producing financial reports for the relevant stakeholders.
In connection with this, also for its effectiveness, financial management must guarantee that all financial regulations and procedures are observed, all financial transactions are recorded honestly and accurately, adequate controls are in place to make sure that expenditures do not exceed income, and only authorized expenditures are sustained.
To be able to facilitate effective financial management, a budget is required. It is certain that educational leaders must have a knowledge and understanding of what a budget is and the benefits that can be derived from budgeting.
Always remember that school managers must consider all aspects of his job and one of the most important is managing the school financial or fiscal matters.
The success of every school will rely very much on whether or not the educational manager or leader efficiently and effectively utilizes the available resources and seeks to obtain funds from legal, authorized and legitimate sources.
By: AURELIA L. GARCIA | Head Teacher III | Asuncion Consunji Elementary School | Samal, Bataan
