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Aims and Outcomes Aims
This module has seven primary aims. These are
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To explain the importance of good record keeping for efficient and effective financial management
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To outline the role and importance of stakeholders in financial records management
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To explain the business functions and processes of financial management, in relation to the records generated
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To examine the information systems and records created by financial management
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To outline how to manage financial records in a mixed paper/electronic records environment
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To introduce the concepts involved with integrated financial management systems
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To explain where to go for more information.
Outcomes
When you have completed this module, you will be able to
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understand the importance of good record keeping for efficient and effective financial management
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appreciate the role and importance of stakeholders in financial records management
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understand the business functions and processes of financial management, in relation to the records generated
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understand the information systems and records created by financial management
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know how to manage financial records in a mixed paper/electronic records environment
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understand the basic concepts involved with integrated financial management systems
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know where to go for more information.
Method of Study and Assessment
This module of seven lessons should occupy about 95 hours of your time. You should plan to spend about:
10 hours on Lesson 1
10 hours on Lesson 2
12 hours on Lesson 3
20 hours on Lesson 4
20 hours on Lesson 5
15 hours on Lesson 6
8 hours on Lesson 7.
This includes time spent doing the reading and considering the study questions.
At the end of each lesson there is a summary of the major points. Sources for additional information are provided in Lesson 7. In addition to the various terms defined throughout the module and included in the master glossary to the MPSR study programme, this module includes a glossary of specific financial terms, added as an appendix to the end of the module.
Throughout each lesson, activities have been included to help you think about the information provided. Each activity is a ‘self-assessed’ project; there is no ‘right’ or ‘wrong’ answer. Rather, the activity is designed to encourage you to explore the ideas presented and relate them to the environment in which you are studying or working. If you are studying these modules independently and are not part of a records or archives management organisation, you should try to complete the activities with a hypothetical situation if possible. If the activity suggests writing something, you should keep this brief and to the point; this is not a marked or graded exercise and you should only spend as much time on the activity as you feel necessary to understand the information being taught. You are encouraged to write down your answers for all of the activities and keep the answers together in a booklet or file; you may want to refer back to your answers as you work through this module or through other modules in this study programme.
Following the summary at the end of each lesson are a number of self-study questions. Note that these self-study questions are designed to help you review the material in this module. They are not intended to be graded or marked exercises. You should complete as many of the questions as you feel will help you to understand the concepts presented. External assessments, such as assignments or exams, will be included separately when this module becomes part of a graded educational programme.
Additional Resources
This module assumes that you have access to a records office, records centre or archival institution and that you have some involvement with the management of financial records. The various activities may ask you to draw on your own experiences and compare those with the information provided in the lessons. If you do not have access to such facilities, you may need to develop a fictitious scenario for your activities. Alternately, you may wish to discuss this module with friends or colleagues who work with records and archives so that you can discuss principles and concepts with them and compare your understanding with theirs.
Case Studies
The following case study will provide valuable additional information.
15: Pino Akotia, Ghana, ‘Management of Financial Records: The Ghana Case Study’
Lesson 1
The Importance of Record Keeping for Financial Management
Financial management involves planning, controlling, implementing and monitoring fiscal policies and activities, including accounting and auditing revenue, expenditure, assets and liabilities. It embraces daily cash management as well as the formulation of short-, medium- and long-term financial objectives, policies and strategies in support of the organisation’s business. Financial management also includes planning and controlling capital expenditure, managing assets, liaising with the treasury and making decisions related to funding and performance.
Good financial management is critical to the success of any organisation, whatever its size and whether or not it is in the public, private or voluntary sector. In the public sector, the rendering of accounts to public scrutiny is key to accountable government. Financial records are produced in every area of financial management. If these records not are well managed, the financial management function suffers. Therefore, financial records management and records management are closely intertwined.
Financial management makes an important contribution to government, particularly in the areas of
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accountability
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efficiency
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ensuring resources are matched to objectives
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economic stability.
This lesson examines these four areas of financial management. It then discusses changing approaches to financial management, and it examines the relationship between financial management and records. It concludes with a discussion of the senior management issues involved in financial records management and emphasises the importance of securing senior management support for the involvement of records managers in financial records care.
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