Financial Policy and Procedures

Credit Reporting Changes in Privacy Amendment (Enhancing Privacy Protection) Bill 2012

Until now, a credit report in Australia has been similar to a criminal record. Reports only recorded negatives, which can remain for between five and seven years, regardless of whether the credit history has improved in the meantime. New amendments to privacy legislation are set to provide a more comprehensive view of credit worthiness.

New amendments

Amendments to the credit reporting requirements in the Privacy Amendment Bill 2012, due to take effect in March 2014, will now mean that credit reporting agencies can also record positive records in a credit report. This will allow a more balanced view of a credit history and the ability of an individual to repay their debts.

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6 Points to Include in a Financial Policy and Procedures Manual

There is no doubt a well written financial policy and procedures manual will assist in maintaining the finance area of any business. Much of what needs to be included will come from internal systems an individual processes, however there are some areas that will be applicable to all businesses such as knowing when to write off bad debts and the right procedure for business debt collection.

Detailed here are the main areas required within the financial structure and some guidelines for developing an effective financial policy and procedure manual that applies to your business.
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4 Reasons Why you need Financial Policy and Procedures

It is easy to get caught up in the day to day tasks in running a business and forget about the infrastructure that holds it together. Having sound financial policies and procedures are an important aspect of laying the operating foundations of your business. By implementing the appropriate steps to take for debt collecting and payment of outstanding accounts, you will be setting a standard for everyone to follow, which will positively affect the overall functioning of your business.

Here are four good reasons why all businesses need to implement financial policy and procedures.
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