Public Sector
Fully Outsourced or Temporary Financial Management
Fincor provides financial management services at strategic and transactional levels to agencies with revenue ranging from $1 million per annum to over $100 million. We lead the accounting journey from financial data entry and reconciliations, all the way through to the annual report preparation and audit. Our firm can also provide strategic support and advice in the Board room, and or in presentations to Cabinet. We have been engaged to assist agencies in developing systems and controls to enhance management’s framework; and assume full control of the accounting and financial management functions of the organization.
Preparation of Government Annual Reports
- FINCOR is the provider of choice for over 10 Government Agencies for professional services to highlight their strategic achievements and financial performance for the year through Annual Reports. In working with our clients we:
- Prepare messages from Chief Officers, Ministers, Board Chairs etc.;
- Prepare the Management Discussion and Analysis;
- Design Custom covers and artwork;
- Provide commentary on financial performance and variance analysis;
- Present statistics on staff demographics, agency output performance, financial performance and regulatory compliance;
- Meet with Senior Managers and key staff to develop positive stories for the year’s performance
Cost and Performance Management
Running a public sector entity can be a tough job. As the Chief Officer or CEO for smaller agencies, it is not uncommon for you to also be the head of marketing, human resources, information technology, business development, and also the Chief Accountant. When Chief Officers and CEOs find themselves stretched this thin, one of the first areas that they start falling behind on is the record keeping. This can be a huge and fatal mistake.
As a public sector leader, your primary job is to make decisions. Making decisions in a vacuum, without the critical financial information about what is happening in your agency, is likely to result in costly mistakes, public criticism and wastage.
You've probably heard the saying, ‘you can't manage what you don't measure,’ and it's true. If you are failing to capture key information, how would you gauge the effectiveness of your agency’s service delivery model? How do you know if you are appropriately recovering the cost for services provided? How is your agency doing compared to key benchmarks? How effectively are you collecting your receivables? Are you really delivering on your mandate?
FINCOR provides services to public sector leaders to help them positively answer many of these questions. We have over 10 years’ experience working in the public sector in senior leadership roles looking at various aspects of cost and performance management. We fully understand the challenges and complexities of budget cuts, stringent deadlines, and increasing pressures for service delivery. We can help you get through it.
Business Case Preparation
Under the Public Management and Finance Act, Public Sector Agencies are required to ensure that projects are suitably appraised, and that a robust cost benefit analysis has been carried out, before the procurement stage to ensure value for money. A key instrument in complying with this requirement is the preparation of a Business Case. The main purpose of the Business Case is to establish the need for the investment; appraise the main options for service delivery; and assess the areas of affordability and the organization’s ability to implement.
FINCOR works with Public Agencies to develop business cases as strategic management tools, and comply with legal requirements.
Development of Policies & Procedures
FINCOR has vast experience in the development of policies and procedures to guide procurement and overall financial management.
Outsourced compliance services
Public agencies must comply with a range of policies and procedures prescribed statutorily, through accounting standards and by Commissions and Boards. FINCOR can assist with the development and monitoring of a compliance framework to give management added assurance that policies and procedures are adhered while they focus on running the overall organization.
Management of Strategic Initiatives
Let FINCOR assist you in the execution of your next strategic or policy objective. As a strategic partner, we will assist in the development, facilitation, and management of your organization’s various strategic initiatives, corporate priorities, and other policy objectives. This includes project planning, human and financial resource management, and soliciting external support. FINCOR will assist in intergovernmental issues, often involving high-profile, complex, and strategic objectives, by providing in-depth, high-quality strategic analyses. We will also recommend alternative strategies to enhance policy effectiveness across the organization, guide future priorities, and provide direction in support of the organization’s overall strategic goals.
