Are you spending your time doing “strategic work” — the kind that adds meaning and value to your long-term goals? Successful small business owners, or SMBs, do. “But, how does a small business owner ever find the time to do strategic work?”, you ask. “That can take up as much as 80% of my day.” I’ll tell you how — by developing systems of policies, procedures, and forms for doing the tactical, daily work.

Unsuccessful small business owners struggle to prioritize their time. They’re continually fighting fires or doing the mundane tasks — going to the post office, running around their disorganized workspace, answering the phone — and getting nothing done.

Does That Sound Familiar?

If your business is based on a system of policies, procedures, and forms, it will run on its own without you having to tend to all the details all of the time. This may seem hard to believe, but it works — Fortune 500 companies have been doing this for decades. “McDonald’s” now uses a clearly defined system of policies and procedures to unify marketing, operations, and customer service worldwide — they started in 1940 with a single restaurant, in California.

“You deserve a break today.”
(McDonald’s campaign slogan, 1971)

McDonald’s is just one example of how a small business like yours can — and must — create a system of policies and procedures to ensure its success. Start by imagining that you’re creating a model for your own series of franchise locations. Every day when you go to work, take one process at a time and systematize it with the policies, procedures, and forms your employees need to do the job you want them to do.

Why Start from Scratch?

That’s where Bizmanualz MS-Word procedure templates come in. Our renowned series of policies, procedures, and forms provides hundreds of templates and guides for your accounting, finance, human resources, information technology, and other departments. Every Bizmanualz policy and procedure manual comes with a set of sample procedures, a “How To” guide to help you get started, and a sample manual for the department manager to use as a guide.

Focus Is the Key

Today, start working on your business instead of in your business. Focus on strategic work and delegate the tactical work with Bizmanualz procedure templates — you’ll realize your goals, get out of the office more, and build the successful business you set out to build.

Free Procedure Samples

Why not check out the Bizmanualz line of free procedure samples and see for yourself how you can use these powerful procedure templates in your business?

When you think of accounting, do you think of accounts receivable, accounts payable, revenue recognition, and depreciation?  What about banking, cash flow, and financial statements?  Or tax accounting, costing, compliance, assets, and auditing?

The term “accounting” encompasses an enormous wealth of information, much more than the traditional “dollars and cents” we all think of.  It includes areas ranging from human resources (payroll, benefits, etc.) to computer information integrity.  So, since procedures on counting income and expenses are only a part of what makes up accounting, what do you include when you are designing an accounting policies and procedures manual?

The accounting area can be broken down into ten core cycles — these cycles make up the accounting body of knowledge.  Each cycle focuses on a key element of business accounting and, therefore, should be covered in your company’s business accounting policies and procedures manual.

1. Revenue Cycle Procedures

The first — and what business owners would consider the most important — business process is the revenue or sales cycle. Revenue is the lifeblood of any business. Once sales has obtained an order, the order must be “booked” into the accounting system, triggering your credit, fulfillment, and accounts receivable (or collections) processes. Example procedures for the revenue cycle can be found in the Bizmanualz Accounting Policies and Procedures Manual.

2. Cash Disbursement Cycle Procedures

The second most important cycle deals with how you manage your cash expenses. We’re talking about your purchasing, receiving, accounts payable, and administrative expense processes. Once you receive cash from your customers (revenue cycle), you must spend less than you receive to maintain a positive cash flow and stay in business. Sample cash disbursement cycle procedures can also be found in the Bizmanualz Accounting Policies and Procedures Manual.

3. Production Cycle Procedures

With the two key accounting cycles (making money and spending it) covered, the remainder of your accounting manual is devoted to accounting support processes. The production cycle is the most critical to your business — if you don’t have a product or service to sell, the first two cycles are immaterial, aren’t they?

The production cycle introduces issues such as managing raw materials, Work In Process (WIP), finished goods inventory, product release, and shipping. Example procedures for the production cycle can be found in the Bizmanualz Accounting Policies and Procedures Manual.

4. Financial Reporting Cycle Procedures

In the first three cycles, you took orders, purchased materials, made products and/or services, delivered products, billed customers, and now you must report your results. The financial reporting cycle includes budgeting and forecasting what you might need, reporting what you sold, financial analysis (to see if you’re making a profit, to spot trends, etc.), and management reviews with key stakeholders (the Board of Directors, your shareholders, government agencies, etc.) to discuss how well the plan is going.

Example of procedures for the financial reporting cycle can be found in the Bizmanualz Financial Policies and Procedures Manual. Notice we’ve switched manuals, going into the financial area of accounting.

5. Finance Cycle Procedures

The finance cycle is about raising capital and managing the capital you have. You might need debt or equity capital to finance your business. Either way, you’ll need a process to acquire and manage that cash.  And, if you have a lot of cash moving through your business, you’ll need some form of treasury management (i.e., how to invest or “park” your cash). Sample procedures for the finance cycle are in the Bizmanualz Financial Policies and Procedures Manual.

6. Asset Cycle Procedures

What business does not have assets?  If you have one or more computers, production machinery, or office furniture, you have assets. Your assets require processes for depreciation, inventory management, asset acquisition and asset disposition or disposal.

Since there are laws and standards (e.g., IRS, IFRS, GAAP) that must be observed, it is important that you have asset cycle processes. Example procedures for asset cycle processes are in the Bizmanualz Accounting Policies and Procedures Manual.

7. Internal Audit Cycle Procedures

Publicly traded companies and businesses with significant debt or equity require internal auditing. Your internal audit process consists of audit planning, conducting the audit, audit reporting, and audit follow-up. Sample procedures for the internal audit cycle are in the Bizmanualz Financial Policies and Procedures Manual.

8. Strategic Planning Cycle Procedures

If you have cash, assets, compliance, and stakeholders of any kind, you need a strategic planning process. Business planning is just that — a planning process necessitating a business plan.  The company business plan takes into account how to prepare for compliance (with SOX, SAS 70, etc.), standards and guidelines (e.g., GAAP, IFRS), and Board and stockholders’ meetings. Examples of procedures for the strategic planning cycle are in the Bizmanualz Financial Policies and Procedures Manual.

9. Payroll Cycle Procedures

The payroll process focuses on administrating compensation, benefits, and personnel compliance.  How do you comply with an alphabet soup of government acts (including EEO, FMLA, FLSA, EPPA, OSHA, ADA, ERISA, FICA, FUTA, IRCA, ADEA, HIPAA, IRS, WARN, and others)?

This may not sound like traditional accounting, but the accounting department is involved with compliance by virtue of its role as the financial gatekeeper and financial reporting contact. Samples of procedures for the payroll cycle are in the Bizmanualz Human Resources Policies and Procedures Manual.

10. Information Integrity Cycle Procedures

Today, all accounting transactions are performed on computers, across networks, and using IT assets.  Information integrity — specifically, security, timeliness, and accuracy — is critical to accounting, and to the business. Now it may not be accounting’s primary job to manage all IT assets, but accounting cannot shy away from its duty to ensure the integrity of computer and IT management, IT security, IT disaster recovery, and IT internal controls. Samples of procedures for the information integrity cycle are in the Bizmanualz Computer and IT Policies and Procedures Manual.

Sarbanes Oxley Compliance Cycle

Since the late 1990′s, there has been an increased focus on effective internal controls, adding, in effect, a new requirement — or 11^th cycle — Sarbanes-Oxley (or SOX) compliance.  The SOX cycle is about compliance planning, understanding your audit responsibilities, and demonstrating the effectiveness of your firm’s internal controls with respect to accounting. Example procedures for The Sarbanes Oxley compliance cycle are in the Bizmanualz Financial Policies and Procedures Manual.

There you have it!  Ten core accounting policies and procedures areas — plus Sarbanes-Oxley — that you should include in your accounting procedures manual.

We mentioned four key Bizmanualz products: Accounting; Finance; Human Resources; and Computer & IT. If you purchased these separately, they’d cost $2,280…but all of these accounting cycles and their associated procedures are included in the CFO Accounting Procedures Series for only $1,995!  Plus, you receive the Bizmanualz Business Policies and Procedures Manual for free when you purchase the bundle!  The Business Procedures Manual includes 111 additional business procedures for many general business areas.

Accounting Processes Policies Procedures

To truly implement a complete business accounting policies and procedures manual, you will need to include topics from Accounting, Finance, Human Resources, and Computer & IT  areas of the Bizmanualz product line.  Fortunately, you can obtain all four manuals and save 33% in one easy bundle – the CFO Accounting Procedures Series. It covers all ten areas of accounting plus the Sarbanes Oxley compliance process and — as an added bonus — you receive the Business Procedures Manual at no additional cost!  Try a free sample download.  Judge for yourself.

The Top Ten Accounting Policies and Procedures

1. Revenue Cycle
2. Cash Disbursement Cycle
3. Production Cycle
4. Financial Reporting Cycle
5. Finance Cycle
6. Asset Cycle
7. Internal Audit Cycle
8. Strategic Planning Cycle
9. Payroll Cycle
10. Information Integrity Cycle
    PLUS (for public companies) Sarbanes-Oxley Compliance Cycle