Setting up internal controls will vary for each business. Some areas of the business are more at risk of loss or fraud and require more stringent controls. It is important to go through each aspect of your business and review whether you have controls in place.
Who is responsible for making your business deposits? Who is responsible for ensuring all payments received are timely updated on clients accounts? Who is responsible for ensuring business expenses stay within forecasted budget? These are the questions a company's management should have identified and documented as part of the business internal controls.
Accounts receivable are an important asset of the business. Delays or failure to collect accounts can result in cash flow shortages and profit erosion. Consider the following:
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Hello, I'm Terra the Founder and Marketing Director of Fontenot & Associates Solutions. Thank you for joining my Accounting world. Our blog's purpose is to teach with the determination of closing industry and accounting process gaps that knowingly exist with our uniquely designed detailed procedures and trainings.
My mission is to offer the best accounting results for all companies seeking to close their process gaps with actual solutions. With my Bachelors and Masters Degree in Accounting, I strive for continuous development and professional growth in this profession. My professional career has been in the Oil & Gas industry for nearly the past 10 years but my business focus is to support and train accounting professionals in all industries.