It’s Not Just About Numbers, It’s About People Now that we’ve broken down some of the various activities that take place in your accounting department,
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.
Closing the books means you are ending your official accounting period so you can start the next period with a clean slate. It means that once the books are “closed” there will be no more changes to the financial documents for the closed period. So accuracy is critical. The closed books are the “gospel” of what has happened in the financials for your company.