In the past few articles, we’ve been focusing on your business budgets, how you can create your budgets and the key elements you will need
Category: Best Practices
Last week’s article extolled the virtues of budgeting…and the vital reasons why your business – and EVERY small business – should create and operate with
If you’re like a lot of small business owners and entrepreneurs, just the thought of a budget might make you cringe. As a group, we
Policies decentralize decision-making so no one has the power to bend the rules. Policies also promote consistent operations, so the same procedures and protocols are used for all situations. And financial policies promote transparency and accountability.
Tightening financial controls with a few simple procedures will make your assets safer, your accounts current, and gives you the latest financial data for strategic planning.
The purpose of closing the books is to make sure that all the financial information about your business is accurate and entered properly.
By establishing accounting policies and procedures, the accounting systems become part of the corporate IP and operate independently of individual staff members.
Check writing is one of the easiest to manage, and one of the most critical since it often has the greatest room for error and, potentially, fraud. We recommend that our clients keep close control over their check books with strict rules and protocols about payables and receivables.