Financial Management Challenges and Best Practices of School Heads of Public High Schools

Abstract

This paper is an examination of the various financial management practices of school heads in public schools with a focus on the challenges experienced and best practices implemented by school heads in relation to school financial management. The study made use of literature review to answer its objectives. From the study, it was shown that school heads experience challenges in financial management which include lack of training, weak financial management skills, lack and/or delay of funds, absence of financial support staff, poor collaborative planning, numerous bookkeeping tasks, unorganized record keeping, frequent changing of policies, absence of permanently stationed bookkeeper, and adherence to complex laws and policies. Despite these challenges, school heads have reported best practices which include collaboration with school focal person for budgetary planning and the keeping of financial record in a safe place. Some of the recommendation to address the challenges faced by the school heads include the hiring of school heads competent in financial management, continuing education and upskilling of school heads on financial management, empowering school heads on funds acquisition, assigning bookkeepers to all schools, maximizing School Governance Councils, documenting and sharing of best practices, and the conduct of further research in relation to school financial management.