Statement of the Problem
- There is notable wastage and embezzlement of funds in the organization
- The problem is cutting through all the departments . These include the cash office and the supply chain management section.
- The embezzlement is a problem as the organization is losing huge chunks of money to greedy officials.
- The immediate cause of the embezzlement is lack of proper controls that will ensure that all possible loopholes for embezzlement are sealed.
- Lack of professionalism and integrity by the officials entrusted with dealing with the money is also a cause of the problem .
Solution or Plan
- The lasting solution to this problem is to put checks and balances that will monitor the movement of cash throughout the system.
- Installing numerous signatories to a particular account that is operated by the business will also assist in ensuring that money wastage is kept on the loop .
- In the supply section, the introduction of the tendering process will reduce any incidences of collusion where the lowest bidder will be awarded the opportunity to supply the organization.
- The organization should adopt an employment policy where the employed will be members of professional organizations.
Why the solution or plan will work
- The above solution is expected to work in curbing the wastage of cash in the organization. Firstly, many signatories will ensure that any withdrawals are made with absolute knowledge of many people in the organization.
- Moreover, employment of individuals registered with professional organizations will ensure that disciplinary action is taken on any person who is a professional but behaves unethically .
How the solution or plan will be implemented
- Give details to support the solution
- Implementation of the plan will be swift and should be carried on immediately.
- A reshuffle or shakeup in the accounts section can be a good start to curb wastage .
- Any further recruitment should be done with the help of professional bodies. In additional, tendering should be done annually to ensure competence.
Conclusion or Action statement
Works Cited
Brooks, Raymond. Financial Management: Core Concepts. Boston : Pearson, 2013.
Christine P, Catherine S. & Aimee Shih. "The Causes and Consequences of Internal Control Problems in Nonprofit Organizations." New York University (2009): 1-40.
Geever, Jane. The Foundation Centre's guide to proposal writing. New York: Foundation Center, 2012.
Proposal Works.com. Internal Technical Proposal Writing: A Guide and Template. 30 October 2014. 30 October 2014 <http://www.proposalworks.com>.
Proposals. Proposals. 30 October 2014. 30 October 2014 <http://www.pearsonhighered.com>.
