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Financial Procedures

Financial Procedures

Practices are advised to design and implement Financial Procedures which define all aspects of the accounting and budgeting processes. The Procedures should include controls on levels of authorisation (e.g. who can authorise what value of purchases/expenditure levels, cheque signatory values, petty cash authorisation/reconciliation) and in particular controls on authorisation of electronic funds transfers (e.g. BACS and Internet banking) where the dual signature procedures used for cheques cannot be applied. The Practice's Accountants can usually assist with the preparation of suitable Financial Procedures.

There is a set of draft Financial Procedures (which can be customised to suit the Practice) in the Financial index of the Members Library. If you are not a Member, click for information about the benefits of membership and how to subscribe.

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