Accounting, Cost, and Financial Policies
Do you need them? Should they be documented? How do you start developing them? How detailed should they be?
Yes you do and Yes you should move toward documentation! Everyone has them. That’s right, I said everyone has them. You see, your policies and procedures are simply the methods you use day by day within your business to meet goals and objectives and to comply with guidelines and requirements as applicable.
Everyone has policies and procedures in some form or another. They may or may not be very good policies or procedures and they may or may not be documented, but they do exist.
Unfortunately, most small businesses do not have policies documented, or documented adequately, nor do they know where or how to start! Policies and procedures are a roadmap of what you do and how you do it in your company. They will help others in your firm and those looking in your firm to understand how you operate. They will help your firm to be consistent in it’s’ operations and provide confidence to auditors, bankers, contracting officers, prime contractors, and customers in general.
Now lets address this in more detail and answer the other questions....
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