Organizations should recognize the need to have a wholesome approach in managing finance and accounting incorporating all aspects and elements of the finance and accounting function. This strategy should be in line with and derive from the overall organizational strategic plans covering all aspects of the organization. At MMA, we have categorized these to six main elements: -

Financial planning and budgeting – Long term plans, annual plans, periodic plans and activity plans. This plan should be reflective of the organization's objectives and in line with its appetite for risk. It should also be tax efficient and comply with the regulatory environment of its jurisdiction.

Operations – day to day transactional processes and operationalization of the accounting cycle covering the time a transaction is initiated to when it is closed.

Quality control – These are checks and balances to ensure integrity of data and credibility of reports emanating from the operations. This includes segregation of duties, different kinds of reconciliation, ICT process flow, integrity and security, staff competence, risk management and review procedures.

Reporting – Provision of information needed for decision making, financial monitoring purposes, budget control and compliance

Legal and other compliance – This includes having a framework of operating that ensures compliance with the laws of the land, tax matters, donor requirements, standards expected as members of a network, professional standards and any other treaties/agreements subscribed to.

Financial sustainability – This involves constantly reviewing and being aware of one’s ability to reliably generate enough relevance, and hence income, currently and into the foreseeable future to continue its operations.

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