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Creating Standard Operating Procedures for your Chartered work can be difficult and take time. That’s why we’ve created these example Chartered SOPs so you can jumpstart your SOP creation process. We want to help you set up your Accountant systems and processes by taking these sample SOPs and building out your own SOPs template library. By having all your Accountant procedures in one place, your team will have the information they need at all times. Let’s look at some Chartered SOP examples.
1. Financial Statement Preparation SOP: The purpose of this SOP is to outline the process for preparing accurate and reliable financial statements for clients. The scope of this SOP includes gathering financial data, analyzing transactions, reconciling accounts, and preparing financial statements in accordance with accounting standards. The person responsible for this SOP is the Chartered Accountant. References to other SOPs include the Chart of Accounts SOP and the Financial Reporting SOP.
2. Chart of Accounts SOP: This SOP defines the structure and organization of the chart of accounts used in the accounting system. The purpose of this SOP is to ensure consistency and accuracy in recording financial transactions. The scope of this SOP includes creating and maintaining the chart of accounts, assigning account codes, and updating the chart of accounts as needed. The person responsible for this SOP is the Chartered Accountant. References to other SOPs include the Financial Statement Preparation SOP and the General Ledger Maintenance SOP.
3. General Ledger Maintenance SOP: The purpose of this SOP is to establish guidelines for maintaining an accurate and up-to-date general ledger. The scope of this SOP includes recording journal entries, posting transactions to the appropriate accounts, reconciling subsidiary ledgers with the general ledger, and generating trial balances. The person responsible for this SOP is the Chartered Accountant. References to other SOPs include the Chart of Accounts SOP and the Financial Statement Preparation SOP.
4. Accounts Payable Management SOP: This SOP outlines the procedures for managing accounts payable, including the processing of invoices, verification of vendor information, and timely payment of outstanding bills. The purpose of this SOP is to ensure that all payables are accurately recorded, properly authorized, and paid in a timely manner. The scope of this SOP includes receiving invoices, matching them with purchase orders and receiving reports, obtaining necessary approvals, and processing payments. The person responsible for this SOP is the Chartered Accountant. References to other SOPs include the Purchase Order Processing SOP and the Cash Disbursement SOP.
5. Cash Disbursement SOP: The purpose of this SOP is to establish controls and procedures for the disbursement of cash, ensuring that payments are made accurately and in accordance with company policies. The scope of this SOP includes reviewing payment requests, verifying supporting documentation, obtaining necessary approvals, and issuing payments. The person responsible for this SOP is the Chartered Accountant. References to other SOPs include the Accounts Payable Management SOP and the Financial Controls SOP.
6. Financial Controls SOP: This SOP outlines the internal controls and procedures to safeguard company assets, prevent fraud, and ensure the accuracy and reliability of financial information. The purpose of this SOP is to establish a framework for monitoring and controlling financial activities. The scope of this SOP includes segregation of duties, authorization and approval processes, physical and logical access controls, and periodic reviews and reconciliations. The person responsible for this SOP is the Chartered Accountant. References to other SOPs include the Cash Disbursement SOP and the Financial Statement Preparation SOP.
7. Tax Compliance SOP: The purpose of this SOP is to ensure compliance with tax laws and regulations, minimizing the risk of penalties and audits. The scope of this SOP includes timely filing of tax returns, accurate calculation and payment of taxes, maintaining proper documentation, and staying updated on tax law changes. The person responsible for this SOP is the Chartered Accountant. References to other SOPs include the Financial Statement Preparation SOP and the Recordkeeping SOP.
8. Recordkeeping SOP: This SOP establishes guidelines for the proper maintenance and retention of financial records. The purpose of this SOP is to ensure that all financial documents are organized, accessible, and retained for the required period. The scope of this SOP includes creating a recordkeeping system, categorizing and filing documents, and implementing a document retention schedule. The person responsible for this SOP is the Chartered Accountant. References to other SOPs include the Tax Compliance SOP and the Financial Statement Preparation SOP.
9. Audit Preparation SOP: The purpose of this SOP is to outline the procedures for preparing financial records and supporting documentation for external audits. The scope of this SOP includes gathering and organizing financial data, reconciling accounts, preparing audit schedules, and addressing auditor inquiries. The person responsible for this SOP is the Chartered Accountant. References to other SOPs include the Financial Statement Preparation SOP and the Recordkeeping SOP.
10. Budgeting and Forecasting SOP: This SOP establishes guidelines for the preparation and monitoring of budgets and financial forecasts. The purpose of this SOP is to assist clients in planning and controlling their financial activities. The scope of this SOP includes gathering relevant data, analyzing historical trends, preparing budget templates, and monitoring actual performance against budgeted figures. The person responsible for this SOP is the Chartered Accountant. References to other SOPs include the Financial Statement Preparation SOP and the Financial Controls SOP
Looking for SOP templates for your Chartered work? We’ve got you covered. You can build out your company SOPs using the sample SOP information above (added to our template) or our team can put together a starter SOPs template based on your Chartered work. Get in touch if you’ve got questions about the quickest way to build out your Accountant SOPs library.