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?
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?
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?
It probably seems like every time you talk about easier compliance, everyone runs away and hides, they ignore you, or they fuss and moan. So why is easier compliance important? It is a fact of business life. Your company must comply with: Continue reading Make Compliance Easier
Many stockholders, business owners, managers, and even employees express concern over whether their organizations are ethical and whether members at all levels hold themselves to a high standard of conduct.
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?
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
Mistakes are an inevitable part of running a business. It is a common practice that a business faces a drawback due to an unpredictable financial mistake. Some blame it on ignorance, some on lack of professional guidance, while others are simply trying to find someone to blame. The fact is that 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. Meaning that 80% of business fail within their first year. Continue reading Financial Mistakes that Put Business at Risk
In the past, we experienced an avalanche in our financial system. Major financial institutions failed to the shock of investors and depositors, and there was such a high level of uncertainty in the financial system that availability of credit had been shut off even to the most highly rated borrowers. What does SOX Corporate Governance have to do with this? Continue reading What Is SOX Corporate Governance?
96% of startups fail before they get to the ten-year mark, according to Inc.com. In most cases, their failure trickles down to one vital question; what could go wrong? Those who look for answers to this question early enough manage to protect their business from common risks and create the best atmosphere for its growth. Continue reading How to Use a Risk Assessment Matrix for Project Management