LANstar llc - IT zona s ri An A usines lB Smal e 2000 sinc...

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Unformatted text preview: IT zona s ri An A usines lB Smal e 2000 sinc History Started business out of garage 6 months hired first employee Partnership Company 10 Employees 1 Office Manager 1 Bookkeeper 1 Cable Technician 6 Engineers 1 Parts Runner 70% Client base is Medical Field Accounting Process Source Documents are kept for 10 years. The original hard copy is kept along with a digital copy. Software : QuickBooks Keep track of accounts payable There is no standard procedures in handling cash. The company reckon that there is no need to undergo such trouble in handling the small amount of cash. The book keeper is a family member and the number of times the company actually receives cash from their clients is very small Internal Control Procedures 7 Internal Control Principles Establish responsibilities Maintain adequate records Insure assets and bond key employees Separate recordkeeping from custody of assets Divide responsibility for related transactions Apply technological controls Perform regular and independent reviews Company Overview Although they do not have a standard procedures for handling cash and rely heavily on the trust they have for the book keeper, the company place relatively good internal control practices in the company. They employ an outside CPA firm to process their tax, depreciation and as keeping up with the practices of accounting would be more cost effective The CPA firm also act like a second opinion for their books. The company has 2 separate bank accounts. One for processing solely credit payment The other is used for all payable and payroll Their engineers are all issues with a Blackberry phone with ConnectWise software which reduces errors incur from handwritten receipts. Questions & Answers NK THA OU ! Y ...
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LANstar llc - IT zona s ri An A usines lB Smal e 2000 sinc...

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