chapter  Chapter 5
25 Pages

Financial Management

WithSarah Brittan, Michael Maher, Fiona Fogden

This chapter is aimed at library managers and anybody responsible for financial management within a library and information service (LIS). Financial management, whether it be on the expenditure or the income side of the balance sheet, is a skill that the LIS manager has to develop and be seen to display. Within the legal sector, libraries tend to operate as a smaller part of a larger organizational body such as a law firm or university. Therefore, it is essential that the law library manager is fully aware of how the larger organization is structured, and where the LIS department fits within that structure. The LIS manager should also be using it as the foundation block for the LIS’s strategic plans and objectives, including any dealing with finance and financial processes. The second component of the financial planning process is the budgetary process, which is divided into budget planning, budget preparation and budget presentation.