Financial plans are framed based on the expected cash inflows and outflows expected to arise from the business activity. Any major deviations from the same can potentially result in cash crunch and lower the overall efficiency of such plans. As a result, monitoring of these plans assumes importance. One of the critical aspects is to carry out a workplace review in context of complying with the relevant OH&S regulations. Not only does the review enable compliance with the relevant legislation but also ensures that the efficiency and performance of the employees is not adversely impacted.
It is imperative that employees must be provided a safe and secure ambience to work as failure to do so would result in mishaps. In such cases, injuries may be sustained by employees which would result in decreased workforce and increase in financial liability for taking care of the injured employee. Also, failure to ensure the workplace safety and health of the workers by following relevant guidelines related to particular profession, the morale of the workers would be adversely impacted thus leading to issues such as absenteeism, higher turnover of employees and lower productivity. These would have adverse impact on the financial performance of the organization. Also, it is noteworthy that implementation of various training and other measures so as to meet the regulations could be costly which would result is lack of financial resources for other key activities.
With regards to evaluation of the effectiveness of financial planning and monitoring, it is imperative to analyze whether the end objectives have been met or not. In this case, variance analysis is a useful tool as through the use of financial planning, a tentative budget may be created with regards to the usage of resources and the amount of profit generated. Once a financial plan is in place, monitoring is done in order to minimize deviations and ensuring that delays and cost overruns are minimized. The key test of efficiency of the financial plan is in the form of underlying realistic estimates considering the various internal and external factors while the success of monitoring lies in reducing any deviations and overcome bottlenecks.
Any improvements in the monitoring of procedures would result in higher incidence of adherence and lower default rate with regards to the correct procedure not being followed. Further, it is essential to realize that monitoring tends to have cost and hence any improvements which lead to lowering of costs would be considered as valid improvements. A case in point could be the use of technology such as CCTV to ensure that the requisite procedures are being adhered to. Further, IT can also be used to ensure that in various services, the due process is followed as the work would be completed only if a particular sequencing of key steps is followed. Hence, it is imperative that such measures should be considered and also benchmarking of these with relevant industry practices may also be done.
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