Financial Management for Social Services
Expert-defined terms from the Postgraduate Certificate in Social Work Leadership course at London School of Business and Administration. Free to read, free to share, paired with a professional course.
Accountability in financial management for social services refers to the respons… #
Related terms include transparency, stewardship, and fiduciary duty.
Accrual accounting is a method of financial reporting that recognizes revenues a… #
Related terms include cash accounting, financial statements, and matching principle.
Activity #
based costing is a method of assigning costs to specific activities or tasks, which helps social service organizations to identify areas where they can improve efficiency and reduce costs, by using detailed analysis of cost drivers and activity costs.
Asset management in social services involves the process of acquiring, maintaini… #
Asset management in social services involves the process of acquiring, maintaining, and disposing of assets such as property, equipment, and investments, to ensure that they are used efficiently and effectively to achieve social goals, with a focus on long-term sustainability and stewardship of resources.
Budgeting in financial management for social services involves the process of pl… #
Budgeting in financial management for social services involves the process of planning and controlling the use of financial resources to achieve social goals, by establishing realistic financial targets and allocating resources effectively.
Capital budgeting in social services involves the process of planning and contro… #
Capital budgeting in social services involves the process of planning and controlling the use of financial resources for capital expenditures such as property, equipment, and technology, to ensure that they are used efficiently and effectively to achieve social goals, with a focus on long-term sustainability and return on investment.
Cash flow management in social services involves the process of managing the inf… #
Cash flow management in social services involves the process of managing the inflows and outflows of cash to ensure that the organization has sufficient liquidity to meet its financial obligations, by using effective cash flow forecasting and management techniques.
Cost #
benefit analysis in social services involves the process of evaluating the costs and benefits of a particular project or program, to determine whether it is worthwhile and will achieve social goals, by using rigorous analysis of costs and benefits.
Cost control in social services involves the process of managing and reducing co… #
Cost control in social services involves the process of managing and reducing costs to ensure that the organization is using its financial resources efficiently and effectively, by using effective cost control measures and monitoring systems.
Donor management in social services involves the process of managing relationshi… #
Donor management in social services involves the process of managing relationships with donors and fundraising activities, to ensure that the organization has a stable and sustainable source of funding, by using effective donor relationship management and fundraising strategies.
Financial analysis in social services involves the process of analyzing financia… #
Financial analysis in social services involves the process of analyzing financial data to understand the organization's financial performance and position, by using detailed financial analysis and reporting.
Financial management information system in social services involves the use of t… #
Financial management information system in social services involves the use of technology and data systems to manage and analyze financial data, to support financial decision-making and planning, by using advanced technology and data analytics.
Financial planning in social services involves the process of developing a compr… #
Financial planning in social services involves the process of developing a comprehensive financial plan to achieve social goals, by establishing realistic financial targets and allocating resources effectively.
Financial reporting in social services involves the process of preparing and pre… #
Financial reporting in social services involves the process of preparing and presenting financial statements and reports, to provide stakeholders with information about the organization's financial performance and position, by using transparent and accurate financial reporting.
Financial risk management in social services involves the process of identifying… #
Financial risk management in social services involves the process of identifying and managing financial risks, such as market risk, credit risk, and operational risk, to ensure that the organization is protected from financial losses, by using effective risk management strategies.
Funding models in social services involve the different ways in which organizati… #
Funding models in social services involve the different ways in which organizations can secure funding, such as grants, contracts, and donations, by using diverse funding models and strategies.
Grant management in social services involves the process of managing grants and… #
Grant management in social services involves the process of managing grants and funding agreements, to ensure that the organization is meeting the requirements and conditions of the grant, by using effective grant management practices.
Human resources management in social services involves the process of managing a… #
Human resources management in social services involves the process of managing and developing the organization's workforce, to ensure that it has the skills and capacity to achieve social goals, by using effective human resources management practices.
Internal control in social services involves the process of establishing and mai… #
Internal control in social services involves the process of establishing and maintaining internal controls, such as policies, procedures, and systems, to ensure that the organization is operating efficiently and effectively, by using robust internal controls and risk management.
Investment management in social services involves the process of managing and in… #
Investment management in social services involves the process of managing and investing the organization's financial assets, such as endowments and reserves, to ensure that they are generating a good return and sustainable income.
Leadership in social services involves the process of providing direction and gu… #
Leadership in social services involves the process of providing direction and guidance to the organization, to ensure that it is achieving its social goals and mission, by using effective leadership and management practices.
Marketing in social services involves the process of promoting the organization… #
Marketing in social services involves the process of promoting the organization and its services, to raise awareness and secure funding, by using creative marketing and communication strategies.
Monitoring and evaluation in social services involves the process of tracking an… #
Monitoring and evaluation in social services involves the process of tracking and assessing the performance and impact of programs and services, to ensure that they are achieving their social goals, by using rigorous monitoring and evaluation methods.
Operational planning in social services involves the process of developing a com… #
Operational planning in social services involves the process of developing a comprehensive plan to deliver programs and services, by establishing realistic targets and allocating resources effectively.
Outcomes #
based budgeting in social services involves the process of budgeting and planning based on the outcomes and results that the organization wants to achieve, by using outcome-based budgeting and planning techniques.
Partnership development in social services involves the process of building and… #
Partnership development in social services involves the process of building and maintaining partnerships with other organizations and stakeholders, to secure funding and resources, by using effective partnership and relationship management.
Performance management in social services involves the process of managing and i… #
Performance management in social services involves the process of managing and improving the performance of the organization, to ensure that it is achieving its social goals, by using effective performance management practices.
Philanthropy in social services involves the process of securing funding and sup… #
Philanthropy in social services involves the process of securing funding and support from donors and philanthropic organizations, by using effective philanthropic and fundraising strategies.
Procurement in social services involves the process of purchasing goods and serv… #
Procurement in social services involves the process of purchasing goods and services, to ensure that the organization is getting value for money, by using fair and transparent procurement practices.
Program evaluation in social services involves the process of assessing the effe… #
Program evaluation in social services involves the process of assessing the effectiveness and impact of programs and services, to ensure that they are achieving their social goals, by using rigorous evaluation methods and techniques.
Project management in social services involves the process of planning, organizi… #
Project management in social services involves the process of planning, organizing, and controlling projects, to ensure that they are completed on time, within budget, and to the required quality, by using effective project management practices.
Quality management in social services involves the process of ensuring that the… #
Quality management in social services involves the process of ensuring that the organization's programs and services are of high quality, by using rigorous quality management and assurance techniques.
Resource allocation in social services involves the process of allocating financ… #
Resource allocation in social services involves the process of allocating financial and human resources to programs and services, to ensure that they are used efficiently and effectively, by using effective resource allocation and planning.
Risk management in social services involves the process of identifying and manag… #
Risk management in social services involves the process of identifying and managing risks, to ensure that the organization is protected from harm, by using effective risk management strategies.
Social entrepreneurship in social services involves the process of using busines… #
Social entrepreneurship in social services involves the process of using business principles and practices to achieve social goals, by using innovative and entrepreneurial approaches.
Social return on investment in social services involves the process of evaluatin… #
Social return on investment in social services involves the process of evaluating the social impact and value of programs and services, to ensure that they are achieving their social goals, by using rigorous social return on investment analysis.
Sponsorship in social services involves the process of securing funding and supp… #
Sponsorship in social services involves the process of securing funding and support from sponsors, by using effective sponsorship and fundraising strategies.
Strategic planning in social services involves the process of developing a compr… #
Strategic planning in social services involves the process of developing a comprehensive plan to achieve social goals, by using effective strategic planning and management practices.
Supply chain management in social services involves the process of managing the… #
Supply chain management in social services involves the process of managing the supply chain, to ensure that goods and services are procured efficiently and effectively, by using effective supply chain management practices.
Sustainability in social services involves the process of ensuring that the orga… #
Sustainability in social services involves the process of ensuring that the organization is financially sustainable, by using effective sustainability and financial management practices.
Tendering in social services involves the process of bidding for contracts and f… #
Tendering in social services involves the process of bidding for contracts and funding, by using effective tendering and bid management practices.
Value for money in social services involves the process of ensuring that the org… #
Value for money in social services involves the process of ensuring that the organization is getting value for money, by using effective value for money and procurement practices.
Volunteer management in social services involves the process of managing and dev… #
Volunteer management in social services involves the process of managing and developing volunteers, to ensure that they are used effectively and efficiently, by using effective volunteer management practices.
Zero #
based budgeting in social services involves the process of budgeting from a zero base, to ensure that every dollar is justified and accounted for, by using rigorous zero-based budgeting techniques.