“Locking the books” is a term that’s used to describe one of the most critical controls that’s put in place when using third party online bookkeeping services. A high end, comprehensiveaccounting business service will typically offer features that go far beyond simple daily accounting and can include the additional benefits afforded by a dedicated controller. When generating financial reports for a specific period, it’s the controller’s responsibility to “lock the books” so that nobody can change those financial records once the reporting period has ended. This helps maintain the integrity of the company’s financial records and eliminates the possibility of costly errors. Here’s how “locking the books” works.
· The controller receives the client company’s financial records from the bookkeeper and reviews them for accuracy.
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