Answer to Question #79110 in Finance for Owen Marsden

Question

Describe the role that performance indicators could have achieving organisational success and compliance with organisational internal controls.

Answer 1

Identifying and understanding critical internal control processes is important for the success of any business. The first step is the identification of specific operating cycles (or processes) of your Company. The following five operating cycles are an important part of a Company’s operations:
1) Cash Disbursements,
2) Cash Receipts,
3) Payroll Processing,
4) General Ledger,
5) Financial Statement Preparation and Budgeting.
Source:
https://lslcpas.com/key-indicators-strong-internal-control-system-property-management-companies/