Description

SOP showing a generic list of reconciliations the business should be completing each month, with deadlines and individuals responsible.

Note: The 11400 Monthly control file timetable SOP contains an Excel file that is aimed at recording the monthly completion and review of reconciliations.

The standard operating procedures are the documents in which a business sets out its systems, processes, procedures, and controls (SPPC’s). The value of fully documented SPPC’s is: –

·      Staff and management achieve a greater level of efficiency.
·      Increased level of consistency in the business.
·      Give the business the ability to scale more quickly.
·      Staff and management are clear on what is expected of each of them.
·      Achieves control without micromanaging.
·      Creates clarity and control over the business assets.
·      Clear lines of communication for business improvements through amendments of SPPC’s.
·      Facilitates operational review of the business against a clear set of expectations.
·      Staff feedback on ways to improve efficiency.

The objective of all standard operating procedures is to enhance the way staff and management work in unison to achieve the business’s goals. The added value created is measurable in increased profits, cash and business value.