Issue 25 – Managing Your Company’s Most Important Asset
October 1 marked a major milestone for Rose Financial Services—the 20th anniversary of its founding. Once a one-man operation with an AOL e-mail address in 1994, the company has since grown to about 45 employees managing more than 100 corporate clients over cloud-based technology and integrated client solutions.
One critical aspect that Rose Financial Services strives to improve for its clients is any area of weakness in internal controls. Internal controls are especially important when it comes to managing cash. Any unreliable spots in the system could call into question—and even jeopardize—the record-keeping and security of a company’s most precious asset: cash.
Some of the most important federal guidance for organizations receiving funds from the government is the Office of Management and Budget’s (OMB) Circular A-133, Audits of States, Local Governments and Nonprofits, which recently underwent a series of revisions.
When billing the federal government, it is important to pay attention to the details of the contract. Knowing the requirements will help to avoid falling into unintentional mistakes and potential violations. Some agencies can have complex billing formats that include estimates and detailed information, whereas others may be more straight-forward.