Year End is the ideal time to document your financial policies and procedures

We have discovered that around fiscal year end might be the best time to document your financial policies and procedures.  We are usually preparing and implementing budgets and starting our audit preparation so we are usually in the planning and reviewing mode.

You can document your financial processes and see where you can make improvements.  You can look to see where you can implement new software and automate systems to reduce manual processes.

The written policies should document board and staff responsibilities and related segregation of duties.   You should consider what errors or irregularities could occur and what procedures would detect these errors or irregularities.  You should focus around cash disbursement, cash receipt, and payroll controls at a minimum.

Your financial policies and procedures should lay out clear expectations and encourage adherence.  Your financial policies and procedure manual should include audit, budget, and record retention policies.  Please contact us if we can help you document your financial polices and procedures.