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?
Why Write an Accounting Manual of Policies & Procedures?
Every company should document its accounting procedure process. A well-designed and properly maintained system of accounting policies and procedures documentation enhances your accountability and consistency, while at the same time producing long-term savings from reduced duplication, rework, training, and increased focus, consistency, and productivity. Writing accounting manuals of policies and procedures is an important task. Consider a template from Bizmanualz to help save you time. Continue reading What are Accounting Policies & Procedures Manuals?
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?
We all hope our co-workers and employees are honest, and they probably are. Yet, improper cash control, poor cash practices, 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?