Best Practices Article Archives - Page 15
Questions You Should Ask Your Cloud Provider
When it comes to picking a cloud provider, you should ask some tough questions. 1. Where will my data be located? Everyone’s a cloud provider these days, and you don’t want your data in someone’s garage. Ideally, your information will be stored in a safe part of the country that’s remote from your own location, so it’s not subject to the same regional risks. 2. What can go wrong during installation or migration?
Read MoreInventory Internal Controls
A company's investment in inventory is usually a large one, and it may be comprised of a large number of merchandise items that can be readily stolen and resold. If the inventory contains mostly raw materials, keeping track of it is essential for ensuring that the production processes using it will not run short of materials. This means that you need to implement an array of controls, either to prevent theft or to ensure that the manufacturing ...
Read MoreMobile Accounting
Best Practices: Mobile Accounting Eight issues that companies looking to implement mobile accounting should consider. 1. Define Mobile Accounting Mobile accounting could mean different things to different people and businesses, so the first step in a successful rollout is defining what it means to you and your company. 2. Security CPAs and finance professionals must tackle increasingly sophisticated threats, ranging from cyber attacks ...
Read MoreAccount Reconciliation
Best Practices: Account Reconciliation Account reconciliation is an underappreciated yet critical control to help ensure an organization's financial integrity. Weaknesses and inefficiencies in the reconciliation process often lead to mistakes on the balance sheet and overall inaccuracies in the financial close. Since the enactment of Sarbanes Oxley (SOX) in 2002 and other rules and regulations that have followed, ensuring the accuracy of ...
Read MoreInternal Controls To Prevent & Detect Fraud
A recent “KPMG Fraud Survey” found that organizations are reporting more experiences of fraud than in prior years and that three out of four organizations have uncovered fraud. Below are some internal control "Best Practices" that can reduce fraud opportunities or help detect fraud. Use a system of checks and balances to ensure no one person has control over all parts of a financial transaction. Require purchases, ...
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