Category Archives: Strengthen Your Financials

Why is an Effective Internal Control System Crucial for Success?

Why is an effective internal control system crucial for success? Because businesses primarily implement an internal control system to protect themselves from internal fraud and abuse, while many do so with regulatory or standards compliance in mind. Continue reading Why is an Effective Internal Control System Crucial for Success?

How to Write Accounts Receivable Procedures

Cash is everything to a business and you certainly would not want to burn up your cash. Learning How to Write Accounts Receivable Procedures helps you to control your cash flow; Let’s look at an example of accounts receivable procedures that is a part of the revenue cycle process. Continue reading How to Write Accounts Receivable Procedures

What Are Reports and Financial Statements Prepared by Accountants?

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. What are reports of financial statements prepared by accountants? Continue reading What Are Reports and Financial Statements Prepared by Accountants?

How Do You Write an Accounts Payable Procedures Manual?

Accounts payable is the event that pays for the liability incurred by the purchasing process, which is for supplier purchases or  inventory required by manufacturing to meet customer demand. Sales generates the demand that created the accounts receivables, which is turned into cash. How do you write accounts payable procedure manual to support the purchasing policies and procedures manual, to disburse the cash? Continue reading How Do You Write an Accounts Payable Procedures Manual?

What are the Biggest Financial Mistakes Small Businesses Make?

A  business has many obstacles during its first year, and making costly financial mistakes is often inevitable. Unlike large companies, small businesses may not have the assets to rebound from such mistakes.  What are the biggest financial mistakes small businesses make? Continue reading What are the Biggest Financial Mistakes Small Businesses Make?

How Do You Unlock the Value of Your Business?

If you’ve ever asked yourself, “How can I unlock the value of my business” — you’re not alone. This question has been on every top manager’s mind since the first company was ever started. So how do you unlock the value of your business? Continue reading How Do You Unlock the Value of Your Business?

What Procedures Improve Cash Flow?

The cash cycle procedures are undoubtedly the most important process procedures to optimize for any business – from when you spend money to when you get money.  The are four key cash flow control procedure areas. Learn how cash flows through these areas to make the cash to cash cycle. What procedures improve cash flow?

Continue reading What Procedures Improve Cash Flow?

Do Your Accounting Procedures Drive Internal Control?

How can you make the most of your accounting manual and accounting policies and procedures to support your internal control objectives? But do your accounting procedures drive internal control already? Continue reading Do Your Accounting Procedures Drive Internal Control?

What are the Top 10 1099 Tax Write-Offs Everyone Should Know?

Whether you’re an independent contractor, a business owner, or a common-law employee who has to report another form of income, the IRS Form 1099 is there to cover almost all bases. From freelancing income, stock dividends, and even abandoned properties and canceled debts, there are a lot of different forms for different incomes to declare. What are the Top 10 1099 Tax Write-Offs Everyone Should Know? Continue reading What are the Top 10 1099 Tax Write-Offs Everyone Should Know?