Can You Identify the Controls You Have in Your Business?

It's not often that we sit back as entrepreneurs and look at the structure of our businesses.  As a leader, entrepreneur, solo business owner the main focus is to keep the business blossoming and building your client list.  While these task are important - we must not deny how important it is to ensure those supporting you and maintaining the day to day responsibilities understand your expectations and the vision for your business.

Can you identify one of the controls below in your business?

• ​Independent check:  recheck totals, review spreadsheets
• Segregation of duties:  An employee responsible for receipting and another for depositing cash
  
• Rotation of duties:  An employee handling petty cash and another receipting
  
• Employee knowledge & skills:  Staff must be fully trained in their job
  
• Document control:  Sequential numbering of documents
  
• Assignment of responsibility:  Clear lines of responsibility; detailed documentation
  

Source: Internal control for small business; CPA Australia

Who benefits by one person knowing and doing it all?" - Fontenot & Associates Solutions