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There are four key cycles (or systems) that work together to drive financial reporting in almost every business. Every transaction that occurs happens within one of these four cycles:
bulletSales, Other Income and Receipts
bulletPurchases and Payments
bulletPayroll
bulletGeneral Journals

Ensuring that your business integrates adequate controls into each of these systems is crucial to financial reporting.

Culture

Before considering specific controls, it is important to consider the culture in which they operate. Your culture may profoundly impact how effectively controls will work in your business:
bulletHave you set the right tone at the top?
bulletDoes the business culture encourage integrity and accountability?

Helen Boucher

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