When business owners step away from the financial system in their business, their absence increases the opportunity for fraudsters. Curbing that temptation through control implementation will allow you to run your business with more confidence.
We like to trust our employees and find it hard to believe that an employee would do anything to hurt us or the business, but when we trust too much, that’s when problems arise. Nobody wants to believe that our trusted employees would steal from us, but when you implement the controls to prevent that, you can avoid finding that out the hard way.types of controls
you can implement in your small business that will protect your business. You need to protect your business around record-keeping, cash handling and bank accounts. Separating employee duties is a type of internal control that you can implement in your business as a precaution against theft and embezzlement.Specific policies and procedures can prevent the opportunity from arising. The regular reconciliation of critical accounts is vital for ensuring no unusual activity in the business.
The bottom line is taking preventative measures and protecting your business assets will allow you to run your business with more confidence, knowing that you have taken precautions to protect your business and its finances.
Great article. I took notes!
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