In Pursuit of Profit
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Other times they are more internally motivated, looking for ways to improve and standardize the handling of their financial data to facilitate growth.
Either way, many businesses come to us looking for a set of generic standard accounting policies and procedures that they can just copy. We understand the rationale here. Why reinvent the wheel if you can just take what someone else is already using it and tweak it to fit your company’s needs? And in all honesty, there is nothing wrong with modifying an already existing manual if you know why your business needs formalized accounting policies. However, simply creating accounting policies based on someone else’s business practices without an understanding of why you are doing it and what kind of outcome you are looking for is not the right strategy.