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County faces $85 million in cuts under ‘doomsday’ budget - Examiner.com

Fri, 26 Oct 2007 06:56:28 GMT

County faces $85 million in cuts under ‘doomsday’ budget Examiner.com - 6 hours ago Financial consultants cautioned that O’Malley’s threatened cuts — and the accompanying property tax increases county executives are predicting — require ...

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The Importance of Financial Planning for Social Development Services


Social development refers to the establishment of social infrastructures to eradicate poverty in third world countries. In many Asian, African and South American countries, social development encompasses the areas of health care, education and social health. It goes without saying that the implementation of social development services requires massive amounts of money. This is where financial planning for social development services becomes crucial to a successful social development program.

While the World Bank, UN, NGOs and NPOs do their part in providing financial assistance to the developing countries to aid the process of social development, it is up to the governments to ensure that the funds are appropriated well. Without a concrete plan where there is strong vision and sound financial planning for social development services, most of the funds will go into the wrong pockets, thus, robbing the people of their benefits. There must be solid leadership at the top of the social development department. A system of transparent accountability of the flow of funds and its impact on social development must be put in place to ensure the money goes to the right places. It’s a well known fact that corruption is rampant in most third world countries. Sound financial planning for social development services is integral to the success of the programs.

Another concern for developing countries is the escalation of population. This creates more pressure on the social development services as the need to meet the basic needs of the people mounts with each passing day. In some extremely poor countries in Africa, health concerns are extremely urgent. Vaccinations for newborns have to be given out by the governments. Schools have to be built and teachers have to be trained. Some villages don’t even have proper basic supply of clean drinking water. Diseases are of epidemic dimensions. A lot of money is needed to take care of these problems. Without good financial planning for social development services, the problems will only get worse.

Perhaps, it’s best that the social development departments of these countries take seriously the importance of financial planning. The people who handle the finances of the development programs must be skilled and knowledgeable about the different tools of financial planning so proper investments of funds can be made to grow the funds. Expenses have to be covered by profits derived from smart investment. Financial planning for social development services may be as important if not more important than the programs itself. What’s the use of pouring millions of dollars into the programs if there are no returns? It’s just digging the same hole without any directions. Proper planning of resources will ensure that there’s water in the well.


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What Does a Manager of Financial Planning and Analysis Do?


Some people know that financial planning and analysis is important for companies to run smoothly and for them to avoid financial snags in their operation. These financial plans and the analysis of these plans are often spearheaded by the person known as the manager of financial planning and analysis. A manager of financial planning and analysis has quite a number of responsibilities and these responsibilities are the reasons why a person in this position has to be very capable of doing the job well.

Responsibilities
The person that is placed in this position reports to the CFO or Chief Financial Officer of the company and he is tasked to do a few things that pertain to the company's finances. One of the responsibilities of a manager of financial planning and analysis is to monitor the budgeting process of the company. Along with this comes the responsibility of forecasting certain financial concerns that the company may have, like the revenues and expenditures for the coming year. They are also given the task of creating reports and analysis of the previous year's budget and expenditures as well as the possible losses they may have incurred and what may have caused them. Since the manager of financial planning and analysis is answerable to the CFO, he basically follows the dictates of his superior. He may have to do an analysis of business trends that may affect the company as well as an analysis of other budgetary concerns within the same company. He is also taxed with updating and teaching finance officers underneath him by providing training and teaching these people techniques that he may know when it comes to financial concerns.

Qualifications
Not everybody is qualified to become a manager of financial planning and analysis and companies who require a person to fill this position often ask that certain prerequisites be met before a person is even considered for such an important position. Among the qualifications that a person must have to be able to become a manager of financial planning and analysis for a company is a Bachelor's Degree in Finance or in Accounting, and he must also have experience in a similar capacity for at least a few years. He must have sufficient knowledge of advanced accounting techniques as well as strong leadership qualities, management skills and analytic thinking. These are but a few of the qualities companies look for in a manager of financial planning and analysis. Knowledge of some analysis techniques and financial concepts along with strong computer knowledge can also help a person in this position handle everything he needs to accomplish in this job.
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