Financial Controls 4: Accounting and Reporting Systems
Co-ops need to understand the fundamentals of their approach to accounting. Two key elements are accounting standards and the principle of accrual accounting.
Recommendations:
- regularly review finance policies (and develop new ones as needed)
- ensure the co-op is following conflict of interest procedures
- ensure that you have clear financial statements
- develop an inventory of what the co-op owns and record key related information
