Company Policies and Procedures
Why should you consider implementing company policies and procedures?
When it comes to Control, Safeguarding of a Company’s fixed assets & inventory and cash segregation of duties within the company; the answer must be financial policies and procedures
Financial policies and procedures play and integral part to ensure your business runs smoothly. “Governmental entities are no exception”.
Financial policies and procedures help ensure proper management, control over company's cash, inventory, and fixed assets within every department within the organisation.
In a nutshell, policies set appropriate guidance to every transaction and cover all checks and balances required to avoid theft and misuse.
It is generally recommended that companies have written financial policies and procedures in place. Not only is this a regulatory requirement, it provides a guide to management on issues such as cash receipt and its application, inventory recording procedures, accounts payable and receivable, investment policies, privacy legislation, fraud prevention and internal auditing.
What is business policy and procedure services?
The success in implementing financial policies and procedures to help provide efficient financial management, risk mitigation, and alignment of financial operations as an overall mission of the organization, a set of processes, actions, and documents need to be created along with an management authority’s matrix.
Example of an organisation needs
•Purchasing, procurements regulation, work flow & official documents
•Fixed Assets Addition regulation, work flow, approval and official documents includes control cycle, insurance
•Fixed Assets disposal, selling process, approval & Control
•Purchasing related Inventory cycle, transaction, regulation, documentation & approvals
•Stationery & Printing purchasing, transaction, regulation, documentation & approvals
Sales & revenue, invoicing, revenue recognition etc.
•Revenue recognition process
•Sales related Inventory cycle Inventory cycle, transaction, regulation, documentation & approvals
•Customer credit limit
•Overdue and due review and process
•Bad Debts write off
•Other revenue follow up
Cash & Cash equivalent
•Safe regulation, work flow, approval needed & official documents
•Cheques regulation, work flow, approval needed & official documents
•New bank account opening regulations & signing authority
•Letter of Guarantee process, regulation & Control
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