All University departments have a responsibility to ensure that their financial position is maintained in as accurate and timely a manner as possible. This is achieved by monitoring all income and expenditure across the department on a monthly basis to identify any variances to budget and forecasts.
Benefits of following the monthly accounting process are as follows:
- Provides a greater level of financial control
- Helps to plan/budget/forecast
- Highlights any issues at an early stage, making the corrective measures easier
- Meets the University policy
- Improves the department's reputation within the University
The Finance Team will be in regular contact with all General Ledger account holders at regular points in the financial year to discuss any large variances from budget and forecasts.