Expertise and Discussion Topics: Financial Compliance, Audit Readiness, Operations, Risk Management, Financial Modeling, Internal Controls, Talent and Process Optimization
Now that a significant portion of the entire global economy has been forced to switch to a decentralized, remote workforce, more business leaders are realizing the value outsourcing non-core functions could provide, especially when it comes to accounting.
The demands on the financial and accounting leaders within the company heighten as they become responsible for keeping up with ever-changing business finances.
As your company grows, things get complicated. More cash is coming in, which is good — but understanding what is really happening within your company’s walls and planning for the future can be more complex.
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) stated that internal controls are “designed to provide reasonable assurance of the achievement of objectives” in the following three areas:
To ensure your financial reporting is accurate, you need to have clear processes and procedures for recording and verifying revenues, expenses, assets, and liabilities. Keeping in line with these rules is called compliance. Although there are many sources of accounts and finance regulations and laws, we’ll discuss two of the primary ones in this article.
Financial reporting is a vital accounting process that communicates your company’s financials to internal stakeholders (management) and external stakeholders (customers, investors, lenders, regulators, etc.).