Robust accounting policies and procedures are widely recognized as the most important requirement for sound internal controls for a business. We help our clients formulate & implement finance & accounting policies and procedures to improve internal controls, reporting and general management of the company.

What is a policy?
A policy is a statement that outlines the principles and views of the business on each topic covered. It is an overview of certain rules you should have in your business.  

Your policies should:

•     align with business goals and plans 
•     reflect the culture of the business  
•     be flexible
•     be easily interpreted and understood by everybody in the business.  
   

What is a procedure?
Sometimes a policy will need a supporting procedure. Procedures are clear and concise instructions on how to abide by the policy.  They detail the sequence of activities that are required to complete tasks and should include the 'how to' guidelines to achieve the necessary results.

Procedures should be:

• factual, simple to understand and succinct
• written in a step-by-step style that shows people how to follow the procedure through from     beginning to end
• include references or links to any related documents and forms that need to be completed     when following the procedure
• in the best format for their purpose e.g. a procedure could be presented as written steps, a     flow chart or a checklist.