Accounting controls are the methods and procedures implemented by a firm to help ensure the validity and accuracy of its financial statements. The accounting controls do not ensure compliance with laws and regulations, but rather are designed to help a company comply.
- The best tools in the world won’t keep your books for you without solid processes to control the data flow.
- Every type of input to your Accounting system must have a mechanism to prove that everything that should be there is, in fact, there
- Separation of duties is necessary to prevent fraud and ensure quality
- Control points verify data prior to being included in financial reports
- Controllership includes understanding and documenting how accounting data will be collected, recorded, and verified. These procedures should be documented in a common area accessible to all and updated every time there is a change. These processes should also be used as the sole resource to train staff.
Providing outsourced controllership services in San Jose, CA and the surrounding Bay Area is our specialty. Contact Silicon Valley Accounting Solutions to see how we can help.