With the implementation of the Sarbanes-Oxley Act (SOX), finance and accounting departments have scrambled 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 a financial control system.
Automation tools are used to improve efficiency, productivity, and overall performance throughout a company. Using these tools to drive a seamless operation is steadily rising as one of the most popular business strategies for business process improvement. That is why automating finances should be a part of your management overhaul. Continue reading Automating Finances Should Be a Part of Your Management Overhaul
Must all segments of your business operate effectively for your business to be truly successful? Some businesses survive in spite of poor performance in some segment(s), which is actually being carried by the performance of another segment. In other words, when one segment is not productive, other segments must be even more productive to compensate for it. If this is the case, then you could use a balanced scorecard to achieve strategic alignment. Continue reading How Do You Use a Balanced Scorecard?
Generally, one of the most important users of financial statements in the USA is the Internal Revenue Service (IRS), followed by various state and local taxing authorities. 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? Continue reading What Are The Reports and Financial Statements Prepared by Accountants?
Are financial performance objectives more critical than you think? 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, including the development of financial performance objectives. Continue reading How to Develop Financial Performance Objectives
The purpose of your Accounts Receivable Policy, found in our Accounts Manuals Template, is to document the financial principles and policies governing your company’s accounting and collection practices. Your Accounts Receivable Policy Manual and associated accounting procedures are intended to satisfy the documentation requirements for an Accounting Management System. Continue reading What Is in Accounts Receivable Policy Manual?