If you currently have a part-time bookkeeper, or have been through a string of bad full-time bookkeepers, it may be time to establish accounting policies within your organization. Don’t even know where to begin?
GAAP as the Basis for Better Accounting Policies
The first step toward more accurate, easy-to-follow bookkeeping is switching to GAAP accounting standards for all financial records. The challenge here, of course, is you need a bookkeeper trained in GAAP.
Move Bookkeeping Away from Your Company
In-house bookkeeping leaves companies open to fraud, theft and even the appearance of collusion (where a CEO is stealing and the bookkeeper is doctoring the books to make it possible.) You can never be too careful in today’s world, and in-house bookkeeping is often a big red flag that shady practices may be occurring. You can protect yourself with the right accounting policies and by moving your bookkeeping staff to an outsourced solution.
Understand Your Financial Statements
If you can’t understand your company’s financial statements, you’re leaving yourself open to fraud and theft. The answer? An outsourced bookkeeping department, which includes a controller, will help you with understanding financial statements and analyzing data. You’ve already reduced the risks of corporate fraud by hiring an outside firm. Now, you’ll also get the peace of mind of knowing that a financial controller is there to ensure your new bookkeeper follows all the established accounting policies, and to answer all your questions and concerns about your company’s financial statements.