Many businesses do not have any formal processes or procedures in place, this can impact on many area's of the Company,
from conflict between departments, to confusion as to responsibilities, people work more efficiently when they know their boundaries.
By implementing a structured process you can also reduce your auditing costs, as less time will be spent by your Accountant having to check data.
Your Company paperwork, not only reflects your professionalism as a businesses, it is what you will rely on should there be need for litigation, showing the Court you have a defined structure, along with exact backup paperwork, can only put you in a good light, the reverse applies if evidence, be it verbal or written, appears to conflict within your own Organisation.
From the first piece of paper exchange between you and your customer, everything should flow through a process, each individual being responsible for their part, this will greatly improve efficiency, and happy staff are more productive.
Having a financial reporting process in place, will also alert senior Management to any potential risk within the Company.
Fraud is on the increase, and the attack is not always external! Having the right processes in place will highlight any area's of concern, or even prevent fraud happening.