If your company is a service organization that provides outsourced services or you are a company that uses such third-party providers, there’s a proven process to increase confidence, trust, and transparency in your business relationships. SOC certifications can help strengthen your internal control structures and protect against potential breaches or losses.
Whether you plan to exit your business a year or a decade from now, taking the effort to document your business processes and implementing internal controls will help you protect and build the value of your business.
It’s not too late for private companies to get set for the new revenue recognition standards. The FASB’s guidance is effective in 2019 for annual reporting periods, and in 2020 for interim periods. While this gives private companies a bit more time before they have to report under the new standard, the time to act is now.
It might be human nature to procrastinate. It’s definitely not in most accountants’ natures, however. That’s what makes the findings in a recent MorganFranklin poll