accounting policies and procedures Articles
Below you will find all articles and posts tagged with accounting policies and procedures. These articles are either primarily about accounting policies and procedures or about topics that are directly related to accounting policies and procedures.
In a recent article, we briefly discussed external financial reports in terms of the audience, or specific users of company information. Generally, one of the most important users in the USA is the Internal Revenue Service (IRS), followed by various state and local taxing authorities. Required income tax returns can be prepared more easily from financial reports that are classified in a comparable manner. A tax practitioner is usually retained to prepare and file these returns. The reports most commonly requested of the company are the general ledger and related financial statements.
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Author: Chris Anderson Published on: June 30th, 2010
Categories: Accounting Manuals, Accounting Procedures Manuals, Financial Internal Audit
Accounting Basics
Three important terms are easily confused. They are: Bookkeeping, Accounting, and Reporting. What are they, how do they interrelate, and how do they interface with accounting policies and procedures? First, let’s define the terms.
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Author: Chris Anderson Published on: June 26th, 2010
Categories: Accounting & Internal Control, Accounting Procedures Manuals
Accounting methods and accounting standards are typically defined within your accounting manual, a key component of your accounting system. Your accounting manual defines your policies, procedures, and internal controls for Sarbanes Oxley and other compliance needs. There are two main accounting methods: accrual and cash.
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Author: Chris Anderson Published on: June 22nd, 2010
Categories: Accounting & Internal Control, Accounting Manuals, Accounting Policies, Accounting Procedures Manuals, Internal Control, Sarbanes Oxley - SOX
How familiar are you with the accounting rules and concepts utilized by accounting software systems? If you were more confident with the information generated by your accounting program, would it help you to use it more effectively to run your company? More importantly, do you understand how your Accounting Policies and Procedures integrate with the accounting rules and concepts to produce the internal controls you need?
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Author: Chris Anderson Published on: June 15th, 2010
Categories: Accounting & Internal Control, Accounting Procedures Manuals
Small public companies like yours may finally have to begin providing the Securities and Exchange Commission (SEC) with certified assessments of their internal controls. Smaller micro caps will be required to comply with SOX 404(b) reporting requirements beginning June 15, 2010; they’ll have to attest to the effectiveness of their internal controls in their annual reports released on or after June 15 of next year. So, for those whose annual reports are just seven months away, the time to consider is over — it’s time to take action!
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Author: Chris Anderson Published on: November 6th, 2009
Categories: Accounting & Internal Control, Sarbanes Oxley - SOX, Sarbanes Oxley Compliance
Question of the month: How can Accounting Policies and Procedures help your organization?
The Accounting Department is an area where policies and procedures are usually a requirement, because they are considered part of the internal controls noted in Sarbanes-Oxley. The real question is: What approach are you taking to developing accounting policies and procedures?
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Author: Editor Published on: December 29th, 2008
Categories: Accounting Policies, Monthly Summary
Everywhere in your organization people are carrying out business processes to make things happen. It doesn’t matter if the processes are well defined, poorly documented or if the staff is trained. If things are getting done – it is because people are executing business processes.
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Author: Editor Published on: December 22nd, 2008
Categories: Accounting Procedures Manuals, Business Process Improvement, Writing Policies and Procedures
What is the difference between a well-conceived and well-written accounting policy and a poorly conceived and poorly written accounting policy? Of course, the needs of every organization are different, and the most important element of an accounting policy is that it helps the organization. Last week we mentioned the importance of gathering accounting policies into the accounting manual. Now let’s review some important points to consider when crafting policies.
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Author: Editor Published on: December 15th, 2008
Categories: Accounting Policies, Accounting Procedures Manuals, Internal Control
The question “What should be in your accounting manual?” should first be answered by another question: “Why do you need an accounting manual?” Whether you are looking to purchase a pre-written accounting manual or create your own accounting manual from scratch, these are two important questions to answer.
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Author: Editor Published on: December 8th, 2008
Categories: Accounting Procedures Manuals
Question of the month: Do you understand the meaning of the term “internal controls?”
The internal controls requirement in Sarbanes-Oxley Section 404 has created the most uncertainty and distress in businesses. Frequently those of us involved in office processes are not accustomed to having our work planned and verified to the degree that is common on most factory floors.
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Author: Editor Published on: November 24th, 2008
Categories: Monthly Summary, Sarbanes Oxley Compliance
