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Introduction to Finance

Introduction to Finance. Karen Hesketh Finance Manager Communities Finance Business Partner & Strategic Finance (Secondment). CONTENT. Who are your Finance Business Partner (FBP) contacts FBP - Customer Care Standards Financial Responsibilities of Budget Holders

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Introduction to Finance

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  1. Introduction to Finance Karen Hesketh Finance Manager Communities Finance Business Partner & Strategic Finance (Secondment)

  2. CONTENT • Who are your Finance Business Partner (FBP) contacts • FBP - Customer Care Standards • Financial Responsibilities of Budget Holders • Key sources of information and support

  3. Finance Business Partner Support Key Contacts • Communities: Catherine Wallis and Paula Shepherd • CYPF: Helen Jennings, Ann Jones and Andy Bray • Place: Alison Chambers • CEX/Resources: Paul Jeffries

  4. Finance Business Partner Customer Care Standards We will work to the principles set out in Corporate Customer Charter. In brief this means we will: • be professional in our dealings with you • give you correct information • respond to you quickly  • make it easy for you to contact us • be polite and courteous  In return we ask that you: • let us know if something goes wrong • tell us if you need advice, help or support • keep any appointments you have made with us but if you cannot do so, please let us know • be considerate and polite

  5. Financial Responsibilities of Budget Holders How do I know what my responsibilities are? • Outlined in Financial regulations - 2013 - Section 2.2.6 …. it is the responsibility of the Executive (Service) Director to “make appropriate arrangements for the discharging of their financial responsibilities by Directors and Managers within their Services”. This means that Budget Holders (with the support and advice of Finance staff) will have the delegated responsibility to manage budgets effectively, take control of income and expenditure and produce accurate forecasts of financial outturn. • Finance Support can be from …. FBP, Financial Systems Support Group, Internal Audit Section, External Funding etc • There is a key role for Business Support staff in assisting Budget Holders, for example, by providing information on expenditure and income – eg analysing transactions and investigating unexpected items.

  6. Financial Responsibilities • “Own” your budget - monitor and forecast your expenditure and income in line with the corporate timetable and ensure that action is taken if there is a risk of overspending. • Effectively use financial management information. • Ensure that where partnership arrangements or external funding streams are in place these are robustly managed and governed in line with the financial regulations and corporate procedures.

  7. Financial Responsibilities • Identify any risks related to financial issues, fraud and corruption and ensure that they are reported as appropriate. • Understand and comply with our financial regulations, standing orders and all related policies and procedures. • Complete the transactional and housekeeping processes required to support your financial management responsibilities eg: approve the payments of invoices, ensure that the arrangements for raising invoices are appropriate

  8. Sources of Information • Your FBP Team – sometimes will put you in touch with…… • Specialist Finance Teams – SCC Intranet: Finance Service\Who’s Who Section • Written guidance - SCC Intranet: Managers\Finance • Written guidance - newly introduced web link (FinancePoint) https://myteam.sheffield.gov.uk/FinPoint/SitePages/Home.aspx • “How to” E-learning – Learning Pool\Information Technology\Business applications

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