The financial management system would proactively contribute towards achieving the overall goals of State Livelihoods
Mission Society, Nagaland by laying down principles, guidelines, and rules/norms to ensure effective and efficient use
of funds. It will contribute towards proper accounting and reporting structure at all Mission Units including Community
level, and would encourage in building a transparency and accountability in all financial and accounting related matters
of the Mission. The main objectives of financial management shall primarily be:
- To achieve better Program management by providing timely information on financial.
- To meet the financial reporting requirements of various stakeholders.
- To keep track of funds utilization for each program separately.
- To ensure that all program related activities are reflected in the Program Financial Statements and
the same be closely aligned with the Program components as per the Medium Term program.
- To enhance transparency and promote accountability at the Village level and Block Level and to promote social audit.
- To have proper accounting & reporting structure at the Block Level & Community Level.
- To have proper Internal Control issues at the Block level & Community Level.
- To throw spotlight on financial aspects and key performance indicators to monitor financial progress
against action plan and to facilitate management decision making.
- To promote accountability at different levels.
- To establish satisfactory internal controls to ensure that policies and procedures outlined by Mission
management on various operational aspects are adhered to;.
- To assist in meeting the financial reporting requirements of various stakeholders including the
Government of India, Government of Nagaland and the World Bank.
- To reflect component-wise, category-wise and account head wise expenditure.
- To capture monthly, quarterly and yearly budget information in both physical and financial terms.
- To produce financial reports to show budget vs actual expenditure for the current period and cumulative to date.
- To facilitate the forecasting of the estimated expenses for the next 2 quarters.
- To relate cost data with physical achievements to monitor the Mission progress.