The two important terms “accounting” and “bookkeeping” are easily confused. What are they, how do they interrelate, and how do they interface with accounting methods, policies and procedures? What is the difference between bookkeeping and financial accounting?
Can you really have compliance without control? You can check the box that a business procedures exists but a procedure requirement is not about existence it is about deployment and usage. When we are speaking of control, there are really two different control conditions: static control and dynamic control. What are static and dynamic policy and procedure systems? Continue reading What are Static and Dynamic Policy and Procedure Systems?
We all hope our co-workers and employees are honest, and they probably are. Yet, improper cash control, poor cash cycle procedures, and weak cash security can tempt people who are basically honest. Think about parking at the local mall. You always roll up your windows and lock your car to protect your possessions, especially if you made some purchases at an earlier stop. Most of the people who walk by your car at the mall are honest, yet you don’t want to tempt them by making it easy to take something that doesn’t belong to them. What are some internal controls for cash? Continue reading What Are Internal Controls for Cash Security?
There are six areas of risk frequently capitalized upon by embezzlers. While these areas of risk are not the only ones containing “embezzlement windows of opportunity”, these are the areas that offer the most significant sources of exposure to your company and what lead to various embezzlement schemes. What are common embezzlement schemes? Continue reading What Are Common Embezzlement Schemes?
The company’s Accounting Department Organization Chart provides the foundation for coordinating and administering your accounting management system. A description of the roles and responsibilities applicable to the accounting and operations staff are provided. Responsibilities specific to certain procedures or tasks are presented in the related procedures. What Is an accounting department organization chart? Continue reading What Is an Accounting Department Organization Chart?
The big question you must ask yourself as an accounting and bookkeeping business owner is why anyone will engage in your services when there are so many options out there? Well, they should opt for you because you offer excellent service and a great price. That’s perfect! But how do they even know that your services exist if your business isn’t using online marketing? How do you grow your accounting business? Continue reading How do you Grow Your Accounting Business?
Purchasing Procedures provide vendor selection and purchasing controls that assist in managing cash flow and providing quality inputs to the company. To make intelligent purchases, you must get the right quality and quantity of materials from the best vendors, at the best price, and at the right time. What are the basic purchasing procedures for the procurement process? Continue reading What are Basic Purchasing Process Procedures?
An accounting manual defines the organizations accounting policies and procedures for the accounting staff. It defines everything from accounting standards, to procedures, rules, and guidelines. It can even describe how the accounting department is organized. It is primarily used for training and reference for new hires to the accounting department. So what is an accounting manual?
Continue reading What is an Accounting Manual?
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?