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Financial management

Financial management is the system by which the resources of an organisation are planned, directed, monitored and controlled to enable the organisation's goals to be met.

Good financial management means an organisation anticipates and responds to changing circumstances and risks, delivers programmes to budgets and plans, constantly improves efficiency and services, and provides accurate and meaningful information to its stakeholders. All of this is more important than ever given big cuts in public spending, increasing delivery of services locally and through contracts, new financing mechanisms, greater demand due to demographic changes and new risks, such as cyber crime.

Financial management must therefore be a key part of public bodies' strategic and operational decisions and plans; they must have the financial information needed to make decisions and monitor operations; and their staff must have the right financial and commercial skills.

Find out more about lessons and good practice identified in NAO's work across government in Asset sales and privatisation; Cost reduction and affordability; Fraud, error and debt management; Infrastructure finance; and Managing assets and liabilities.

Key NAO publications: The choice of finance for capital investment (Mar 2015); Building Public Trust Awards – Examples of good practice in annual reports (Jan 2015); Delivering value and accountability – CIMA and NAO expert panel report (Oct 2014); Reporting financial management information to the Board (Jan 2012); and Financial Management Maturity Model (Jan 2010)

Showing 1 - 10 of 10 results. Order by: Most recent Alphabetical

HM Treasury building

Companies in Government

Since 2010 there has been an increase in the number of companies in government at the same time as a reduction in the number of public bodies which raises issues of transparency, accountability, governance and review.

Sector(s):

Performance Improvement area(s): ,

Published:
10 Dec 2015

Money, cash, british pounds, Twenty pound note

Report of the Comptroller and Auditor General: Whole of Government Accounts 2013-14

HM Treasury is improving the content of the Whole of Government Accounts, which shows the overall financial position of the UK public sector, and the document has been produced faster than ever.

Sector(s):

Performance Improvement area(s): ,

Published:
26 Mar 2015

Money

The choice of finance for capital investment

The NAO publishes a briefing paper considering capital investment by government and how it chooses to finance it.

Sector(s):

Performance Improvement area(s): , ,

Published:
17 Mar 2015

Cover image of report showing adverts and brochures

Building Public Trust Awards – Examples of good practice in annual reports

The Building Public Trust Awards recognise trust and transparency in corporate reporting. This is the 12th year in which PwC has presented these annual awards.

Performance Improvement area(s):

Published:
29 Jan 2015

Two businessmen in a meeting

Delivering value and accountability – CIMA and NAO expert panel report

Fiscal pressure on government departments is set to continue through the next Parliament, with citizen expectations continuing to rise. With the ‘more for less’ challenge continuing indefinitely and an increasingly complex public sector landscape, a strong and integrated finance function across government is crucial.

Sector(s): ,

Performance Improvement area(s): ,

Published:
9 Oct 2014

Understanding central government’s accounts – an introductory guide for those with an oversight role

Our new guide is aimed at helping non-accountant readers of government’s accounts understand better what is being reported in them and what it means.

Performance Improvement area(s): , , ,

Published:
4 Apr 2014

Image of a hand with a pen, writing.

Putting finance at the heart of decision-making

The Government Finance Profession’s Finance Leadership Group has published a paper with support from the National Audit Office.

Performance Improvement area(s): ,

Published:
25 Jul 2013

Cash

Managing budgeting in government

The Government’s ability to show that its spending decisions represent the best value for money is being hindered by the patchy availability of good information.

Sector(s):

Performance Improvement area(s): ,

Published:
18 Oct 2012

Reporting financial information to the Board

2nd edition 2012

Boards can assess the financial management information reported to them against best practice using the guide.

Performance Improvement area(s): ,

Published:
1 Jan 2012

Financial Management Maturity Model

Good financial management is at the core of good management in government. It supports decision making and the effective running of organisations.

Performance Improvement area(s):

Published:
20 Jan 2010

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