Financial management is, therefore, an integral part of the responsibility as an education manager because, without good financial management practices, schools would find it difficult to achieve their goals.
The ultimate accountability for the effective management of school finances lies with the office of the manager. As an education manager, you should:
• Allocate funds to various activities in accordance with the budget;
• Authorize the disbursement of school funds;
• Administer school funds both lawfully and morally;
• Determine a school budget in consultation with other stakeholders such as heads of department, senior teachers and the Board of Governors; and
• Ensure that the school has the funds it needs and that those funds are used effectively and efficiently.
Time Resources
Time is a unique resource and is considered as one of the scarce resources known to man. (Adedeji; 2012).Time is the most expensive of all resources due to its non-recoverable nature. Time utilization refers to the proper allocation of time to the various stages and tasks of administrative activities. The application of hours of duty to organizational activities is to ensure equal combination of time with other resources. The use of time is one of the parameters to measure an effective school administration. In a school system, time is managed through the use of a time table. Consequently, time management stands as an effective tool necessary for the organizations effectiveness in realization of set out objectives and goals (Ugwulashi,2012). Proper time management in the workplace has a number of positive effects, ranging from making you a more focused and valuable employee to reducing the stress of your job. Time is a precious commodity on any job. Employers appreciate employees who can get the maximum amount of good work done in the minimum amount of time.
(i) Setting Priorities and Goals
Prioritizing and setting goals are very effective time management skills that can be practice at work every day. The concepts help in setting a scale of preference by identifying the tasks or workload that need to be done first before other schedules of lower importance. It makes it easier to keep track of any due dates that are mandated for the accomplishment of any giving task. Prioritizing and setting goals in a school system can assist the staff in becoming a more productive employee by ensuring that all of the work items are addressed in a timely manner
(Kalu, 2013).
(ii) General Life Improvement
Another positive side effect of practicing time management is that it helps to improve work – life balance. The skills that are learnt and use at work can also translate into personal life improvement. Individuals will be better able to prioritize daily tasks, create a workable schedule for busy times and also have some time to relax. A less hectic home life can help improve one’s professional performance.
(iii) Reducing Stress and Negativity
Two things that can severely impact on work performance are stress and negativity. Practicing good time management techniques helps to reduce stress by keeping work on schedule and in good shape to meet approaching deadlines. When a staff is less stressed, he/she is also less likely to feel negatively about the job. Having a negative attitude at work can hurt ones career because employers want personnel who are enthusiastic about their work. Because proper time management helps you accomplish more in the allotted time, it can help you adopt a more positive attitude in the workplace.