Financial Management

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.

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