In today’s fast-paced business environment, maintaining accurate and reliable financial records is more critical than ever. Accounting controls are the backbone of a business’s financial integrity, ensuring that transactions are recorded correctly and financial statements are reliable. 

As technology continues to evolve, it’s transforming the way businesses implement and manage these vital controls. In this blog post, we will explore how advances in technology are affecting accounting controls, highlighting both the benefits and limitations of relying on software solutions for tasks like data entry and fraud detection.

Running a small or medium-sized business comes with its unique set of challenges. This is especially true when it comes to managing finances. One of the fundamental tools you can use to ensure financial transparency, accountability, and integrity is an internal accounting control called: Segregation of Duties (also known as SoD or separation of duties).

Let’s explore the significance of the segregation of duties including practical examples of how it works. We’ll dive into why you need a separation of duties policy, especially when dealing with cash, be it depositing cash, cash receipts, or managing petty cash. We’ll also touch upon tools that can help you such as a Segregation of Duties matrix.

Looking for an accountant that meets your business needs can be confusing. There are many certifications that can be earned, from a basic college degree in accounting to specializations in fraud, bookkeeping, and internal auditing. 

So how do you know who to hire? Like choosing a doctor, you want your accountant to have the skills and knowledge to do a trustworthy job. And like a doctor, that accountant should be certified by a well-known accreditation council.

Let’s take a look at what an Accredited Business Accountant is and if hiring one is right for your business.