You’d think a degree in accounting and finance would be a requirement to help run a big company, especially as errors in financial spreadsheets can put millions of dollars at risk for these organizations. But if the four cautionary tales below are an example of how it’s normally done, it might seem that a degree isn’t required at all.
Weaknesses in accounting, estimating, billing, and reporting can all lead to huge losses for companies big and small.
4 Big and Costly Accounting Errors
2. Bank of America
The Moral of the Story
A common theme at many companies is that just one person has deep knowledge of how the books are constructed. This makes it extremely difficult for anyone else to analyze the books, and raises the potential for serious errors going unchecked. The good news is that companies both big and small can learn from these blunders and not make the same mistakes, leading to a healthier, more financially stable bottom line.
To avoid these accounting mistakes, every business should have detailed guidelines for managing accounting and bookkeeping duties. And to more strategically utilize your resources and better spend your time on growth initiatives, consider outsourcing accounting tasks to the pros.
No one wants their business to suffer due to a simple accounting mistake. An outsourced accounting team can be just what you need to reduce your bookkeeping costs and streamline your internal processes while maintaining full visibility into your accounting – and keeping your finances on the straight and narrow.