Category Archives: Improve Company Governance

How to Reinvent Your Core Business Processes in a Time of Crisis

To “pivot your business” has been a catch phrase we’ve heard repeatedly over the last couple of years. While it sounds fantastic in principle, it can be difficult to navigate. For businesses in crisis, it’s essential to make the necessary changes in an efficient, timely manner without damaging the stability of your workforce and existing customer base. How to reinvent your core business processes in a time of crisis. Continue reading How to Reinvent Your Core Business Processes in a Time of Crisis

Why is Succession Planning So Important?

 A company’s most valuable asset is its people. It’s an aphorism many attribute to Marcus Lemonis, but that has actually been understood by successful business managers since before he was even born. Yet in an uncertain world, we can be sure of one thing – nobody is going to stay in their role forever.  Why is succession planning so important?

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How Does the Decision-Making Process Affects Firm Success?

Managers inside an organizations are making decisions with a huge impact on their operations every day. These decisions relate to human resources, partnerships, money, and products or services, among others. Unknown to many firms, the problem solving process you follow when making a decision will affect your success. How does the decision-making process affect firm success? Continue reading How Does the Decision-Making Process Affects Firm Success?

How are Financial Controls Implemented?

Financial controls are documented in your finance processes, policies, and procedures manual template. SOX, in general, has generated a lot of discussion about internal controls even requiring financial policies and procedures. How are financial controls implemented?

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What are Financial Internal Controls?

The Internal Control Procedures Series provides a risk reducing framework of financial internal controls for the ten core accounting cycles — these cycles make up the accounting body of knowledge.  Each financial cycle focuses on a key element of business accounting and, therefore, should be covered in your company’s financial accounting policies and procedures manual. Continue reading What are Financial Internal Controls?

How do you Create an Effective Ethics Policy?

Questionable or downright unethical behavior can lead to the enrichment of a few and the financial ruin of many. And after the damage has been done, the legislature vows to make sure “it will never happen again”. Some magazines will mention the case, some student term paper writer will use it as an example and that’s all. So what can your business do to create an effective ethics policy and ensure you don’t fall victim to these situations? How do you create an effective ethics policy? Continue reading How do you Create an Effective Ethics Policy?

What Is ITIL Information Technology Infrastructure Library?

The ITIL Information Technology Infrastructure Library has been growing in popularity because of its universal suitability as a framework for managing information technology (IT) services, including the infrastructure, development, and operations of an IT department. Continue reading What Is ITIL Information Technology Infrastructure Library?

How to Reduce SOX Accounting Compliance Costs

If you qualify as a non-accelerated filer (i.e., your company’s public float is under $75 million), you’ll have to start complying with Section 404(b) of SOX, which requires company management and independent auditors to sign off on, or attest to, the effectiveness of your risk control framework or accounting policies and procedures for internal control. Are your processes protecting you from the risk of material misstatements (RMM)? Do you know how to control and reduce SOX compliance costs? Continue reading How to Reduce SOX Accounting Compliance Costs