policies and procedures
They are specific procedures used by a company to prepare its financial statements.
Explain discounting of accounting policies
It depends on the type of company that you operate and your intentions for the future. If the company is small and run by a sole owner or a family, then accounting policies and procedures may not be that important as long as you record all income and expenses as they are incurred.If it is the company's desire to one day expand by issuing stock to outside investors or by borrowing money from banks or investors, then accounting policies and procedures become very important. Investors and banks will want to see financial records where accounting policies and procedures are routinely followed by management and staff. They will want to see financial statements that are based upon generally accepted accounting principles. They may even request that an independent accountant (auditor) review the company's records to ensure they are correct and reliable before loaning money to the company or investing in the company.It really depends upon what the owners of the company wish to do now and for the future. However, established accounting policies and procedures are always recommended as a sound business policy especially if the company has hired staff to perform accounting functions.
This pinciple of consistency means conformity from period to period with unchanging policies and procedures. It means that accounting methods adopted shouldn't be changed from year to year. It helps to eliminate personal bias and helps to achieve in comparable results.
policies and procedures
They are specific procedures used by a company to prepare its financial statements.
The policies and standards of operating procedures for a fine dining restaurant should include food safety handling and storing. It should also provide staff with procedures for making customers feel comfortable and stay well.
Explain discounting of accounting policies
It depends on the type of company that you operate and your intentions for the future. If the company is small and run by a sole owner or a family, then accounting policies and procedures may not be that important as long as you record all income and expenses as they are incurred.If it is the company's desire to one day expand by issuing stock to outside investors or by borrowing money from banks or investors, then accounting policies and procedures become very important. Investors and banks will want to see financial records where accounting policies and procedures are routinely followed by management and staff. They will want to see financial statements that are based upon generally accepted accounting principles. They may even request that an independent accountant (auditor) review the company's records to ensure they are correct and reliable before loaning money to the company or investing in the company.It really depends upon what the owners of the company wish to do now and for the future. However, established accounting policies and procedures are always recommended as a sound business policy especially if the company has hired staff to perform accounting functions.
This product can output data to provide graphic representations.
The correct spelling is "policies and procedures."
You need operational policies and procedures.
the real question is why DON'T they follow policies and procedures
The way you run a shop depends on the type of shop you are operating. You want to develop policies and procedures that will increase your efficiency and increase revenues.
The difference between accounting and auditing?"
Local policies and procedures for dealing with outside agencies Reporting options and victim consent Contacting the SARC or VA