Why do you think it’s important to have controls over your property, plant and equipment or PPE? It’s there, you can see it and that’s that. Continue reading
Category Archives: 3 Controls
Year-end procedures
Considering there are things you do each day and / or regularly each month, there’s really nothing much more you need to do at year end and shortly after.
Procedures you’d carry out each month
Procedures that are required to be carried out more often than as indications arise or at least once in a year are those that you essentially perform at least once a month. We’re going to disregard those procedures you carry out each day since they’re more process based routines.
Rationale behind confirming payables to suppliers
Confirming sales receivables is something most company’s do regularly, either and this is depending on the volumes and the type of receivable one has, either in each month, twice a year or once a year. However, unfortunately I have to admit that confirming balances with suppliers is something that’s rarely done if at all. There’s the assertion I often hear that it’s the suppliers responsibility to confirm their receivables. Yes, it is, however it’s just as well important to understand your payables as a company. Continue reading
Ensure that the assets recognized are in fact in use and assess their condition
Your company may own many or very few assets. Regardless, it’s important to know their condition, their operating capabilities and their actual usage. When you’ve ensured that the assets do exist, you have made the first essential step. The next step would be to assess their usefulness for the business and its operations. Continue reading
Archiving accounting documents
As you surely already know, by regulation you’re required to maintain your accounting records for a certain period of time (i.e. 7 or 10 years, the length depends on your local requirements). Continue reading
Erranoues accounting entries
They happen, of course, but it’s the question of what happens with those entries that’s important. Obviously it’s the default objective to make sure that no such entry ever happens, however once they do happen, it’s how you remedy the situation that’s significant. Continue reading