Financial system

Financial management is crucial for the success of any organization, be it private, government or non-government. Successful enterprises watch their finances very closely and therefore take the right decisions at the right time, ultimately leading to success. Most businesses have a well structured finance department responsible for looking after the accounts and finances of the company. On the other hand, NGOs most often do not consider financial management to be a priority and lack adequate financial knowledge.  This is often characterized by poor financial planning and adequate financial systems in place.