Do you want the external control process to run more smoothly, reduce financial risks and improve steering information? If there are no clear guidelines within your organization for reporting and compliance risks, an Accounting Manual (AM) can offer a great solution.
Utility of an Accounting Manual
Organizations that only operate locally and in decentralized groups and that are responsible for their own business activities, accounting and reporting, are no longer up-to-date. Legislative bodies supervise at local and group level which results into complex accounting processes and reporting requirements. At the same time, simple profit and loss accounts as well as the balance sheet are no longer sufficient indicators of steering information. To ensure that management is able to meet its obligations to all stakeholders, a wider range of data is required. In order to make information obtained from large data sets more reliable, processes, policies and procedures must be partially standardized and automated. This creates a need for robust systems, processes, policies and procedures at group level in order to meet all legal obligations. An AM provides clarity about how transactions must be registered within an organization. Hence, a good AM is a reference work for the entire organization that clearly describes the definitions and work instructions with regard to financial information, rules, reports and responsibilities. Consequently, an AM can be further used for training new employees or as a refresher course for current employees.
An AM is traditionally drawn up for an accountant, can hardly be used in the workplace and is very maintenance-sensitive. As a result, the document often disappears on a dusty shelf and is only used by the accountant. Bluefield sees an AM as a crucial factor in the business process. Our starting point is that all supporting processes in an organization must target optimal assistance of the primary process. This is achieved by optimally organizing the financial processes and ensuring an excellent interplay of communication and interaction with the business. A good Accounting Manual facilitates this and in this case no longer represents a burden, but is adding value to the primary process instead. It is an information source where employees from every part of the organization can find answers to questions financial information, rules and work instructions. “I have ordered 20 new computers, how can I register this now?” To make it as easy as possible, Bluefield provides an online accessible Accounting Manual which makes it possible to directly search for key words. This makes the AM an active reference work for the organization.
Bluefield starts the implementation or revision of an AM with a QuickScan with which we map the current processes and advise what is required to optimize these. Because an AM varies for each company, our approach is never exactly the same. Nevertheless, nine steps can be gloablly defined:
Through the implementation or revision of an AM by Bluefield, the underlying processes have been optimized. In addition, the new AM is transparent, accessible online and usable at the workplace, making it easier to train new staff and and for operational management to be more in line with legislations and regulations. After the implementation you can be further assured that control information has become more reliable. Bluefield can turn liabilities into an asset!
Accounting Manual for schools
Educational institutions must meet additional requirements imposed by the Ministry of Education, Culture and Science. Bluefield has experience with the challenges involved.