The Impact of Financial Management Practices on Financial Performances in Zimbabwe. A Case of Catholic Schools in Midlands Province

Abstract

The motivation behind the research project is to assess the impact of financial management practices on financial performance in Zimbabwe. A Case of Catholic Schools Midlands Province. This study employed a qualitative and quantitative research method in answering the research questions. A descriptive design of research was taken to ascertain the relationship that is there between internal controls and revenue management. The data were gathered from both secondary and primary sources through the use of questionnaires as well as interviews to gather primary data. A sample size of 44 respondents consisting of the school heads, bursars, priests in charge, teachers, and SDC members was selected from which 37 responded. The key outcomes of the project show that financial management practices in Catholic schools will result in improved financial performance. The study results showed that there, is, a huge impact of the financial management system on financial performance within Catholic schools. The recommendations from the study are that the responsible authority of Catholic schools should endeavor to improve the efficiency of financial management controls in terms of improving financial performance.