Category Archives: Tighten Accounting Controls

What are Accounting Policies & Procedures Manuals?

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?

How to Manage Working Capital

One important topic on finance processes is knowing how to manage working capital. Working capital is the money it takes to run your business on a daily, weekly, and monthly basis. It is the money used to pay your suppliers for materials and the money needed to pay for the goods and services (i.e. inventory and payroll) you have used while you wait for your customers to pay you. Continue reading How to Manage Working Capital

Why Is an Effective Internal Control System Crucial for Success?

According to the Institute of Internal Auditors (IIA), an effective internal control system helps ensure that our organizational processes are functioning properly, that our financial information is reliable, and that we’re in compliance with applicable regulations. 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 to Write Accounts Receivable Procedure will help you to control your cash flow; now, let’s look for $250,000 from accounts receivable procedures. Continue reading How to Write Accounts Receivable Procedures

How to Reduce SOX Accounting Compliance Costs

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

What Is SOX Corporate Governance?

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?

How to 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, a part of the purchasing policies and procedures manual, to disburse the cash? Continue reading How to Write an Accounts Payable Procedures Manual

Does Your Credit Policy Protect Your Business Cash?

When you deliver goods or services and you extend a business customer credit by accepting a promise to pay (receivable) later through an invoice, then in a sense you are loaning your customers cash. During the whole process of acquiring loans, the first question every person must think about is whether the loan is essential at that moment or not.  And one also has to ruminate after perusing over this debt collectors directory if it is worth going through the trouble. One can easily go online and Vertaa lainat but choosing the right type of loan, at the right time it is most required – Now that’s a little tricky. As a lender it’s easy to give out money with an assurance it’ll come back, but as a person who is acquiring the loan, it is essential to keep up to the agreement( Rate of interest and Timespan). So what steps can you take to make sure you get your cash back? The key is to have a clear credit policy. Continue reading Does Your Credit Policy Protect Your Business Cash?

What Is in Accounts Receivable Policy Manual?

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?

What Are Accounting Controls and Processes?

When you hear the phrase “internal control system required by Sarbanes-Oxley (SOX) Section 404,?” do you automatically think of policies and procedures? Simply having accounting policies and procedures does not indicate an internal controls accounting system. Well-written accounting control procedures that document well-defined accounting processes, however, are an important component of the control system you are building. Continue reading What Are Accounting Controls and Processes?