According to the Institute of Internal Auditors (IIA), an effective system of internal controls helps ensure that our organizational processes are functioning properly, that our financial information is reliable, and that we’re in compliance with applicable regulations. Businesses primarily implement internal controls systems to protect themselves from internal fraud and abuse, while many do so with regulatory or standards compliance in mind.

It is interesting to note that, in many cases, the internal control system at many companies consists of volumes of instruction-like procedures that document activities. If a company is taking the time and effort to develop a procedure-based financial control system, it’s worth the additional effort it takes to:

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Businesses Can Quickly Create A Finance And Treasury Management System Of Internal Controls Using Easily Editable Policies, Procedures, And Forms

St. Louis, MO — March 25, 2008 — Bizmanualz, Inc., a business publications, training and consulting company based in St. Louis, MO, today announced the release of a unique new finance, treasury, and accounting resource designed for business owners, controllers, treasurers and executives interested in utilizing internal controls to improve financial operations compliance.

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In recent articles we have discussed several aspects of business finance.  Topics so far have included internal controls, capital planning, and managing working capital. While almost every business pays attention to financial performance, studies show that small and medium sized businesses in particular frequently do not engage in thorough financial planning – if at all. 

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Question of the month: Is using a process approach useful in improving the financial performance of a company?

The articles in February revolved around financial issues such as financial controls, working capital, return on investment and cash flows.

Discussions of improving processes are too commonly relegated to the production floor. Is it any less important for your office processes to function effectively and efficiently?

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In the past few weeks we have been covering important elements of finance processes, including internal control systems as prescribed by Sarbanes-Oxley, and the importance of capital planning to ensure key high level financial facets such cost of capital and return on assets have established goals and are being measured.

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Capital is one of the most critical components that fuels your organization. Without it, organizations can’t grow, but how do you know how much you really need? Having too much or too little can both be detrimental to your organization. You don’t have to be a finance expert to understand how cash works within your organization, but it might help.

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With the implementation of the Sarbanes-Oxley Act (SOX), finance and accounting departments have scrambled in recent years to put in place internal control systems as required by SOX section 404. Compliance with SOX and SEC regulations are certainly good reasons for companies to create an internal control system. Small and medium size business (SMB) owners might wonder, though, how this applies to them or helps improve their business metrics. Perhaps you have a few investors or creditors and need to produce financial statements, but you don’t have to worry about complying with SEC or SOX regulations. Or do you?

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Question of the month: How is the design flow in an organization different from the manufacturing flow?

This month, the focus of our articles was on core process flows, innovation and problem solving. A typical company has three core process flows – cash cycle, manufacturing (or fulfillment cycle) and design cycle. Your cash cycle reflects how

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Last Month we discussed the competitive advantages of building a value chain. This month we are going to look at the differences between the design flow and the manufacturing flow.

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Final in Cash to Cash Cycle Series

In the past four weeks, we’ve brought to light four key areas in which you can save $250,000 each — for a total of $1,000,000. Point by point, we’ve shown you just how cash flows through these areas, making up the Cash to Cash Cycle.

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