Course Details

Financial Management for SACCOs Training: Ensuring Sustainability and Member Value

INTRODUCTION

Sound financial management is crucial for the long-term health and success of any Savings and Credit Co-operative Organization (SACCO). This Financial Management for SACCOs training course equips SACCO leaders, managers, and staff with the essential knowledge and skills to manage finances responsibly, ensure transparency and accountability, and build long-term financial sustainability. Learn how to develop budgets, manage cash flow, prepare financial reports, and comply with relevant regulations. This SACCO financial management training is vital for professionals seeking to strengthen their organization's financial health and maximize its impact on members. This course covers key areas like budgeting, accounting, financial reporting, and internal controls, empowering you to become a skilled financial manager within your SACCO.

DURATION

5 days

TARGET AUDIENCE

This course is designed for:

• SACCO Board Members: Individuals responsible for financial oversight and strategic decision-making.
• SACCO Management: Individuals involved in the day-to-day financial operations of the SACCO.
• SACCO Finance Committee Members: Individuals specifically tasked with overseeing the SACCO's finances.
• SACCO Staff: Employees working in finance-related roles within the SACCO.
• Anyone seeking to improve their financial management skills in the SACCO sector: Professionals and individuals committed to ensuring financial accountability and transparency.

COURSE OBJECTIVES

Upon completion of this course, participants will be able to:

• Understand the principles of financial management for SACCOs.
• Develop and manage budgets effectively.
• Implement sound accounting practices.
• Prepare and interpret financial reports.
• Ensure compliance with relevant financial regulations and reporting requirements.
• Implement internal controls to safeguard SACCO assets.
• Manage cash flow and ensure financial sustainability.
• Understand the role of financial management in achieving SACCO goals.

COURSE MODULES

• Introduction to Financial Management for SACCOs:

• The importance of financial management for SACCOs.
• Key financial management principles and concepts relevant to cooperative organizations.
• Legal and ethical considerations in SACCO financial management.
• The role of financial management in achieving SACCO mission and member value.

• Budgeting and Financial Planning for SACCOs:

• Developing operating budgets and project budgets.
• Forecasting revenue and expenses.
• Budget monitoring and variance analysis.
• Financial planning for long-term sustainability and growth.

• Accounting and Financial Record Keeping for SACCOs:

• Understanding basic accounting principles and practices specific to SACCOs.
• Setting up and maintaining accurate financial records.
• Chart of accounts and coding systems for SACCO transactions.
• Managing payroll and employee benefits.

• Financial Reporting and Analysis for SACCOs:

• Preparing financial statements (balance sheet, income statement, cash flow statement).
• Analyzing financial data and interpreting results.
• Communicating financial information to stakeholders (members, regulators).
• Using financial reports for decision-making and performance evaluation.

• Internal Controls and Risk Management for SACCOs:

• Understanding the importance of internal controls in SACCOs.
• Implementing internal control procedures to safeguard assets and prevent fraud.
• Identifying and mitigating financial risks.
• Developing a risk management framework for SACCOs.

• Compliance and Regulatory Requirements for SACCOs:

• Understanding relevant financial regulations and reporting requirements specific to SACCOs.
• Ensuring compliance with tax laws and reporting obligations.
• Managing audits and financial reviews.
• Maintaining accurate documentation and records.

• Cash Flow Management and Financial Sustainability for SACCOs:

• Managing cash flow to ensure operational stability and meet member needs.
• Developing cash flow projections and forecasts.
• Identifying funding sources and diversifying revenue streams.
• Building financial reserves and contingency plans.

• Advanced Topics in SACCO Financial Management:

• Financial management in growing and expanding SACCOs.
• Managing loan portfolios and credit risk.
• Investment management for SACCO funds.
• The role of technology in SACCO financial management.

CERTIFICATION

Upon successful completion of this training, participants will be issued with a Macskills Training and Development Institute Certificate

TRAINING VENUE

Training will be held at Macskills Training Centre. We also tailor make the training upon request at different locations across the world.

AIRPORT PICK UP AND ACCOMMODATION

Airport pick up and accommodation is arranged upon request

TERMS OF PAYMENT

Payment should be made to Macskills Development Institute bank account before the start of the training and receipts sent to info@macskillsdevelopment.com