Standard Operating Manual for Manufacturing & Trading Compny
Budget: $750 – $1,500 USD
Operational Manual (OM) describes the accounting and financial system of the company. It lays down accounting policies, practices, procedures and controls for presentation of true and fair view of the financial statements of the company. OM establishes an effective system and discipline in the company that would result in standard accounting practices, reporting and information compilation.
The key objectives of the OM are:
• To develop consistency in the application of accounting procedures, practices, and reporting.
• To serve as a self contained guide to persons involved in the accounting and financial processes.
• To eliminate ambiguity and ignorance in the accounting of various transactions.
• To ensure uniformity and completeness in the accounting process.
• To provide basis/rationale for each accounting activity.
• To introduce a control environment wherein the activity is performed vis-à-vis standards.
• To comply with standards and regulations in force and purport the best practices of the industry.
The manual encompasses all the accounting related activities of the company. Considering the cohesiveness of accounting procedures with system controls, the manual elucidates various transactional procedures in conjunction with the pertinent system controls. All the activities are meticulously defined and also cover financial function and procedures. The manual defines accounting policies based on the standards and generally accepted accounting practices. OM covers all the procedures of the company entailing financial and accounting and manufacturing activities.
The key objectives of the OM are:
• To develop consistency in the application of accounting procedures, practices, and reporting.
• To serve as a self contained guide to persons involved in the accounting and financial processes.
• To eliminate ambiguity and ignorance in the accounting of various transactions.
• To ensure uniformity and completeness in the accounting process.
• To provide basis/rationale for each accounting activity.
• To introduce a control environment wherein the activity is performed vis-à-vis standards.
• To comply with standards and regulations in force and purport the best practices of the industry.
The manual encompasses all the accounting related activities of the company. Considering the cohesiveness of accounting procedures with system controls, the manual elucidates various transactional procedures in conjunction with the pertinent system controls. All the activities are meticulously defined and also cover financial function and procedures. The manual defines accounting policies based on the standards and generally accepted accounting practices. OM covers all the procedures of the company entailing financial and accounting and manufacturing activities.