Assessing the financial management training needs of non-financial managers in public Universities in kenya for better financial performance : a case study of JKUAT
Kimotho, Simon Gichuru
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Financial management involves basically three decisions, mainly financing, investing and dividend decisions. Other managerial functions in financial management include planning, controlling, organizing, and coordinating financial matters within an organization. The financial management therefore involves financial planning, forecasting of cash receipts and disbursements, the realizing of funds use and allocation of funds, and financial control. Every manager at the senior, middle and lower level management will at one time or another is required to make a financial management decision on behalf of the Institution, department or section. It is important that such decisions are made after taking into consideration basic financial management principles. This research is mainly intended to assess the training needs of financial management skills among the non-financial managers in the strategic, tactical and operational positions in the public universities. Such skills would enable them make basic financial decisions within the institution, departments and sections. The research will also determine how lack the financial skills can impacted negatively on performance of managers within the organization. The research will also determine the most favored training method for financial management to non-financial managers. The research targeted the faculties, institutes, directorates and departments of Jomo Kenyatta University of Agricultural and Technology. A sample of employees in the senior, middle and lower level management were used. The data collection instrument used was questionnaire which contained both open and open ended questions. The data collected was analyzed using descriptive statistics. The findings were interpreted, discussed and conclusion made. The study established that proper and adequate skills in preparation and interpretation of financial reports/statements were an important aspect of financial management. The study established that most of the non-financial managers required training in preparation and interpretation of Balance Sheet statement, Cash flow statement. Retained Earnings statement and Bank Reconciliation. The study recommends that all the public universities should ensure that all employees especially at managerial level need to be trained on management issues. They need to enroll to the relevant academic programs that will equip them with the necessary knowledge and skills relevant to their profession such as MBA programs. This will ensure that they are effective and efficient in their works which in turn will improve the overall service delivery of the institution.