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Accounting policies and procedures template

Accounting policies and procedures template

Capture the essentials of your company’s financial management with this template, from documenting revenue recognition to establishing daily workflows.

Use this template
or download pdf
Accounting policies and procedures template

Capture the essentials of your company’s financial management with this template, from documenting revenue recognition to establishing daily workflows.

Use this template
or download pdf

About the Accounting policies and procedures template

Businesses manage a range of financial activities every day, from tracking cash flow to handling payables and receivables, and all of these require standardized, well-documented procedures. The accounting policies and procedures template enables you to organize these processes so your team can follow clear guidelines. This keeps your financial operations transparent and compliant, with audit-ready records.

How to use the accounting policies and procedures template

Here’s a quick guide to setting up the template for clear, effective use:

  1. Define your core accounting framework. Start by filling in the template with your company’s basic accounting framework: choose the basis of accounting (cash or accrual), reporting currency, and typical accounting period. This initial setup grounds all financial practices in a common approach.
  2. Outline key financial policies. Document your essential policies guiding inventory management, revenue recognition, expense tracking, and receivables handling. This way, all team members work from the same guidelines when managing finances.
  3. Describe critical procedures for daily operations. Include clear instructions for everyday accounting tasks, such as accounts payable processing, payroll handling, and month-end closing. By recording these procedures, everyone involved knows how to execute each step.
  4. Plan for periodic updates. Financial procedures evolve over time, so establish a routine review process to keep this document up-to-date with regulatory changes or internal policy shifts. Regular updates will help you stay aligned with best practices.

Why you should use the accounting policies and procedures template

This policies and procedures template gives your company a framework for managing financial tasks with consistency. You can use it to document processes for revenue recognition, cash management, and more, ensuring that each process follows clear, standardized steps.

It’s also easier to communicate accounting standards across the team since the template lets you streamline complex financial details. Plus, it reduces the risk of errors, since everyone has a single, reliable reference for procedures. This not also saves you time by eliminating confusion and guesswork, making it an invaluable tool for smooth financial operations.

Download Lumiform’s accounting policies and procedures template

With this policies and procedures template, you’ll have a straightforward way to document and organize your company’s financial processes. Set clear guidelines for everything from cash management to payroll, all laid out in one structured document. Easily accessible and built to simplify your accounting, it’s a practical choice for busy teams.

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Preview of the template
Page 1
Accounting Policies
Basis of Accounting
Reporting Currency
Accounting Period
Inventory Valuation Method
Depreciation Method
Capitalization Threshold
Accounts Receivable Write-Off Policy
Revenue Recognition Policy
Expense Recognition Policy
Accounting Procedures
Cash Management Procedures
Accounts Receivable Procedures
Accounts Payable Procedures
Payroll Processing Procedures
Fixed Asset Management Procedures
Month-End Closing Procedures
Financial Reporting Procedures
Internal Control Procedures

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Access a complete set of resources aimed at maximizing safety, quality, and operational excellence, including detailed guides, related templates, and real-world use cases.

Topic guides

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Frequently asked questions

What’s the difference between accounting policies and accounting procedures?

Accounting policies outline the principles and rules that govern financial reporting within a company, such as revenue recognition or inventory valuation methods. Procedures, on the other hand, are step-by-step instructions on how to carry out those policies in day-to-day tasks, like processing invoices or closing monthly accounts.

How detailed should accounting procedures be?

Accounting procedures should be clear and specific, with enough detail so that anyone on the team can follow them without extra instruction. Each step should cover who is responsible, the exact actions required, and any necessary documentation or approvals.

What are some common mistakes in setting up accounting policies?

Common mistakes include making policies too vague, which can lead to inconsistent application, or overly rigid. Another common issue is neglecting regular updates–accounting standards and company operations evolve, so policies need periodic review. It’s also a mistake to create policies without team input, as involving relevant staff is important for realistic and practical guidelines.


This template, developed by Lumiform employees, serves as a starting point for businesses using the Lumiform platform and is intended as a hypothetical example only. It does not replace professional advice. Companies should consult qualified professionals to assess the suitability and legality of using this template in their specific workplace or jurisdiction. Lumiform is not liable for any errors or omissions in this template or for any actions taken based on its content.
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