Cash flow has a major impact on sustainability. Take a look at what happened in the early 2000s with the dot-coms, and again in the late-'00s and this current decade. Businesses with few liquid assets were unable to jump the hurdle of a contracting market. What happened to the dot-coms also hit the financial sector, and neither was prepared. Given the importance of cash flow, it makes sense to take an active role in managing assets and record-keeping. In-house management opens the door to a number of security issues, while separating areas of responsibility improves accountability at every level.
Some of the most basic strategies for improving accountability start by ensuring that the department taking in cash is not the department recording the transactions and reconciling the accounts. For example, if human resources handles payroll, they should not be tracking hours. If they have both jobs, they can issue checks for unworked hours. Over time, even small additions can add up to a considerable loss. When the same department is also responsible performing audits, there is no real accountability.
Spreadsheets are versatile enough to manage almost all types of information, but they may not scale up when.
AccountingDepartment.com is proud to announce that co-founder Dennis Najjar, CPA, CGMA has joined LORMAN as a.
Sweeping disruption of the accounting industry is imminent. Massive technological change and shifting consumer.
Your business life is easier when you deal with projects in a waterfall methodology. You follow a linear course with.
As a provider of outsourced bookkeeping and controller services, we have a keen understanding of the ways in which.