From Phillip Suchan, Intacct Product Marketing Manager:
In my last blog post, I covered the importance of performing analysis within the system of record and how increased visibility can help unlock insights to better manage your multi-entity business. In this blog post I will focus on the importance of controls and user permissions in a growing business.
In my time as a financial auditor I had countless conversations with CFOs and controllers on the topic of financial controls. As you may have guessed, it was rarely a fun conversation. Larger clients with established internal audit and risk departments were akin to having these conversations and accepted it as a necessary evil. However smaller, fast growing, companies where often resistant to clearly defining roles and restricting user access. I am going to try to avoid putting on my auditor hat here and argue that financial controls can make perfect business sense for a fast growing business, not only because they might be required from an audit perspective.
One overarching theme is that system defined user controls and permissions will make your job as steward of the company's assets easier. As your business grows, you inevitably need to let go of certain tasks and focus on supporting ...read more