Policies & Procedures Tips from the Experts
Our consultants at AMS have pooled their collective knowledge and years of experience to create a Policies & Procedures E-book. This e-book is designed to present organizations of all sizes with valuable insight into the preparation of a finance and accounting policies and procedures manual.
What is a Finance and Accounting Policies & Procedures Manual?
A policies and procedures manual is designed to document the internal accounting procedures for an organization. It ensures that the organization’s assets are safeguarded, that financial statements are in conformity with generally accepted accounting principles (G.A.A.P.), and that finances are managed consistently and responsibly.
A policies and procedures manual includes things like workflow (who is responsible for what and when); policies for handling money – income, expenses, purchases and reimbursements; documentation; asset management and investments; payroll; financial reporting and statements; even backup and security procedures having to do with finance.
Why do you need a finance and accounting policies and procedures manual?
Like most group projects, having an agreed-upon process for anything saves time, money and hassle. If responsibilities are clear and roles are defined, there is a reduced chance of two people doing the same task or of tasks being left incomplete.