Women’s Institute for Leadership Development in partnership with Southern Western Region Gender Network (SWRGN) conducted a training on Financial Management as part of strengthening the capacity of Community Based Organisation (CBOs).
During the training, CBOs were equipped with knowledge on the responsibilities of the Finance department. Nokuthula Nyathi and Buhlebenkosi Sibanda who are finance officers at WILD took the participants through financial processes.
“One of the most important finance functions is to intelligently allocate capital to long term assets. This activity is also known as capital budgeting” said Nyathi.
Budget processing was discussed and it was demonstrated that it is a vital component for the nourishment of many organisations.
“This process involves planning and forecasting, implementing, monitoring and controlling, and finally evaluating the performance of the budget,” said Nyathi.
It was also noted that there are some steps to be followed for a sound and healthy budget and these include the identification and evaluation of potential opportunities, estimation of operation and implementation costs, estimation of cash flow or benefit, risk assessment and implementation.
Participants were equipped with basic skills of teamwork and segregation of duties.
“Teamwork is important for the success of all businesses. To have a meaningful and lifelong career, you need to work well with others which is why teamwork is so important in the professional world,” said one of the participants.
Another participant also applauded teamwork as she described it as a boost of morale.
“You feel that your work is valued when you contribute to something that produces results considering that each team member has something to offer,” she said.
The Programme Manager Permanent Ngoma highlighted that different departments within the organisation should work hand in glove for the betterment of the organisation.
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