Accuracy flows from proper procedures
To successfully build any accounting department the proper implementation of procedures is critical. After all, a procedure is a roadmap, and without the map, the road is unclear. Clearly defining procedures keeps the staff focused on successfully performing their work and meeting deadlines.
Companies that build accounting departments without detailed procedures trust that the staff will know what to do by repetition. This approach, although plausible, has its flaws: the learning curve for a new employee is lengthened dramatically; the likelihood of errors is heightened; the probability of missed deadlines increases and the overall accuracy of financial information is placed at risk.
We eliminate these potential pitfalls by taking a detail-oriented systems type approach, and we take it down to the GL account level. Our level of procedural control gives ownership of GL accounts to individual accounting personnel thus making them accountable for the transactions made to the account. This level of control over specific accounts, and a regimented monthly audit, leaves accounts clean and the recording accurate. Any miscoding is readily identified, reversed and corrected on a monthly basis.
In addition, we implement a routine accounting schedule that includes a closing procedure for each position, a regimented means of handling transactions that arise after accounts have been closed, and we create an accounting atmosphere focused on monthly deadlines.
All in all, we build rock-solid accounting departments. We have performed this task for many companies with dramatic positive results. Contact us today to implement procedures for your accounting department. Remember, with procedures, accuracy will follow, and with accuracy, profit is more likely. All you need is a road map.