Why Every Small Business Needs Internal Controls

Every business aspires to meet its customers’ expectations, make a profit, and live its values. However, there’s more to it than meets the eye.

According to Forbes Contributor Melissa Houston, small businesses face several challenges from wrongdoings, professional negligence, and theft, to several other damages.

Houston hints that small business owners can minimize risks due to billing, financial fraud, check payment, and tempering by doing the following:

– Employing internal controls – protect your business around record-keeping, bank accounts, and cash handling.

– Implementing checks and balances – make it a policy to sign and approve all outgoing payments for business.

– Have strict controls around your IT and computer systems.

– Review your business numbers regularly to quickly identify any abnormal activity.

– Ensure physical control over tangible assets and documents.

What business controls have you implemented in your company?

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