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Introducing FAQ Fridays from Execute Now!

Posted By Erica Crenshaw, Execute Now!, Friday, October 7, 2011
Updated: Friday, October 7, 2011
"FAQ Fridays": What is one reason to establish a finance team?

ANSWER: Proper Financial Controls. A finance team provides stability to an important function in all organizations. It also helps the company establish a strong financial foundation through implementing strong internal controls. 

This foundation should ideally be established before an organization launches. It is important that a handbook be created and employees are trained before the company begins generating revenue. 

CEOs and other executives with financial responsibilities should be trained on these controls. It is easier for fraud to take place and potential audit issues to arise when only one person is responsible for controlling the inflows and outflows of funds that are reported on financial reports that same person creates.

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Tags:  accounting  bookkeeping  controller  Execute Now!  finance  lano  louisiana  member services  non-profits 

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