SAMPLE POLICY WORK

•

Key Actions: – Collaborate with the Finance Department to ensure that all HR-related financial transactions are recorded and reported accurately.

e. Procedural Workflow of Budgeting and Financial Reporting To ensure that every financial aspect is managed efficiently, the following step ‑ by ‑ step workflow is employed:

Step 1: Budget Preparation • Data Collection: –

Department heads prepare budget requests using standardized templates. – Historical spending, service projections, and anticipated changes are reviewed and integrated. • Internal Review: – The Finance Department collects and consolidates these requests into a draft organizational budget. • Departmental Meetings: – Finance meets with each department to discuss and refine their proposals, correcting any discrepancies. • Budget Consolidation: – The consolidated budget is prepared and submitted to executive leadership for preliminary review.

Step 2: Budget Review and Approval • Review Meetings: –

Executive leadership holds review meetings with Finance and department heads to discuss the consolidated budget.

•

Revisions: – Necessary adjustments are made to align the budget with strategic goals and regulatory mandates. • Final Approval: – Once finalized, the budget is presented to the Board of Directors for approval. • Publication: – Approved budgets are published and disseminated to all relevant departments, with digital copies stored in the internal records system.

Step 3: Ongoing Monitoring and Variance Analysis • Monthly Financial Reporting: