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Accounting Controls Need to be Improved

3/4/2014 4:43:37 AM Posted by Erin Carrather

In our past two blogs in the “Outgrown QuickBooks Series,” we have discussed how it can be challenging to keep up with employee growth and what happens when you need to improve your budgeting and forecastingprocesses. In order to ensure that you can tackle both of these things, you need to reevaluate and improve your accounting controls. As your business continues on a path of growth and you have to navigate through increasing rules and regulations, how do you ensure compliance? As you may know, QuickBooks is not a GAAP or SOX compliant system.

A GAAP and SOX compliant solution protects your business from fraudulent behavior and false reporting. A compliant solution enables you to receive lower interest rates from banks, andbetter credit lines with vendors. A GAAP and SOX compliant solution can also leave an accurate paper trail, which becomes increasingly important as you continue on a path of growth.

Another issue that can potentially arise with QuickBooks is that information can easily be deleted, meaning there is no traceability. If important information is removed from your system and an audit uncovers this, how will you handle the ramifications? A simple error like this could potentially bankrupt your entire organization. While QuickBooks does provide an audit trail for some information, there are situations where data can be removed or changed without any sort of record of doing so. If your financial records can be modified, you should be seriously concerned. Additionally, how secure does this make your system? For example, if an employee can submit a fraudulent invoice and get paid, then delete the information from the system; don’t you think you need tighter controls? You need an accounting system that can keep up with your growth.

With a more advanced accounting solution, you can:

  • Capture all of your business information in a single, scalable system
  • Automate and accelerate your end-to-end business processes
  • Improve decision making and customer satisfaction with real-time insights
  • Have the confidence of knowing you’re working with a GAAP & SOX compliant solution
  • Supercharge application performance and analytics with in-memory technology

Third Wave Business Systems can help! Contact us today to find out more information about upgrading from your QuickBooks solution and the options you have to improve your accounting controls!