Some Implications and Issues of ICT Developments on Fiscal Management of Libraries M S Sridhar
Some Implications and Issues of ICT Developments on FiscalManagement in Libraries
M S Sridhar
Former Head, Library and DocumentationISRO Satellite Centre, BangaloreE-mail:email@example.com
Growth of ICT and advent of e-commerce has resolved some long pending fiscalmanagement problems of libraries. While some are naturally overcome by adoption of newtechnology, the others particularly e-procurement and consortia payments which requiremanagement’s positive support are still awaiting to bring desired results.
Financial management, e-documents, e-procurement, consortia payments, librarybudget, credit card payments.
There is no need to over emphasise the need for financial management skills among library &information professionals. A basic knowledge of library finance, library expenditure, budgetingand accounting is important.
On the other hand, it is considered that the economic managementof libraries and information centers is the most neglected area in library management. There is ageneral lack of `financial literacy’ among librarians. This is despite the fact that in recent years,tremendous economic and financial pressures are mounting on libraries. The way finance ismanaged in libraries is more akin to that of other not-for-profit service organizations, that toothose in welfare economy than profit making enterprises.‘Finance function’ is the task of providing funds needed for the enterprise, i.e., procurement of funds and their effective utilisation. It deals with the problems and procedures of acquiring,distributing and effectively utilising funds, balancing of revenues and expenditure andaccounting of the entire transactions for better control and evaluation. Important components of financial management are (i) Financial planning (ii) Forecasting of receipts and disbursements(iii) Realisation of funds and revenues (iv) Allocation of funds (v) Utilisation of funds (vi)Financial accounting (vii) Financial control (viii) Financial auditing. For effective financialmanagement, knowledge/ understanding of basic guiding principles of (i) Effective control (ii)Simplicity (iii) Regularity and farsightedness (iv) Economy, and (vi) Flexibility is necessary.