Tighten Accounting Controls

Internal controls are vital for safeguarding and organization’s assets and its financial integrity. They include processes, policies, and procedures for reducing risks and promoting compliance. They give management and stakeholders assurance that financial reporting and operations are reliable. What types of internal controls are there?

Business control is all about managing and regulating activities within a company. It’s about monitoring, assessing, and ensuring organizational goals are met. Control mechanisms help maintain consistency, reduce risks, and optimize performance. Financial management is key. This involves keeping and eye on money coming in and going out, budgeting, predicting trends, and abiding by accounting […]

Which financial statement to prepare first: P&L or balance sheet? It’s a tricky topic. Let’s explore it and see how different approaches affect financial reporting. Finding the perfect balance between profit and loss? It’s a delicate dance!

US accounting rules and standards are essential for financial accuracy and consistency. These professional rules of accounting tell companies how to record, present, and reveal financial information. They give businesses a reliable way to report their finances and help them make good decisions. What are commonly followed US accounting rules and standards?

If you’re new to accounting or need a refresher, this article on Understanding the Basis of Accounting is a must-read.

The responsibility of a controller in a company typically involves financial management and oversight. Controllers are responsible for ensuring accurate financial records, implementing financial policies, and providing financial analysis and reporting to support decision-making within the organization. Here are some key aspects of a controller’s job:

If you’re new to accounting or just need a refresher, this article will guide you through the steps of the accounting process.

Professional rules of accounting are essential for ensuring the accuracy and reliability of financial reports. They are a set of guidelines that accountants must adhere to when preparing financial statements, which are the primary source of financial information for decision makers. What are the professional rules of accounting?

Every company should document its accounting procedure process.  A well-designed and properly maintained system of accounting policy and procedure 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. […]