Safeguarding Financial Resources: Issues in HR

As finance & accounting professionals, one of our primary roles is to safeguard the financial resources of the company for which we work.  This is accomplished through the controls we have within finance & accounting processes, and the analysis we do to identify anomalies in financial results.  Safeguarding financial resources also means understanding the potential [...]

10 Best Practices for Accounts Payable

Here are 10 best practices for accounts payable in no particular order.  Hopefully your A/P department can put a check beside each of these items. 1. Always pay from original invoices.  If you have to pay from a copy, be sure to check your records for the same invoice number and dollar amount. 2. Before [...]

Reporting Periods: Why 13 Might Be Lucky

We in the finance & accounting field can be creatures of habit.  We get used to looking at things in terms of months.  This is how we are schooled and how most companies set up their books.  The problem is reporting on a monthly basis can make analyzing trends and making comparisons between periods difficult [...]

New posts coming next week

Apologies for the short hiatus of The Finance Compass. I started a new job last week and it’s been a bit hectic!! But new posts will be in this space next week so be sure to be on the lookout for them.