The best small business internal controls at Advantage Accounting & Tax, Florida
Protect your business by implementing internal control process crafted exclusively for your firm by the experts at Advantage Accounting & Tax, Florida. Our recommendations focus on making your company the strongest of all with effective suggestions and policy changes.
Setting up Policies
Documenting each and every step of how work is to be done. This includes taking into account each and every responsibility in your organization and assess the risks involved. With this step, it is also easy to identify any fraudulent transactions happening in the organization.
Delegation of Responsibility
It is important that there are different levels of authority and the tasks assigned to each level is appropriate to the roles they perform. No single employee must be responsible for all the work to be done in an organization as it is very risky.
Set up authority so that employees can seek approval from an authorized person when it comes to handling cash flow and bookkeeping. Any payments to be done should be done only after approval from the appropriate managers.
The proper storage mechanism of all banking related documents so that the signature stamps and checkbooks are not misused. All the cheques should only be signed manually so that the person signing can act as the final stage of approval.
Ensure that all your digital assets are protected with a proper access control mechanism that takes care of all the software and hardware components. Employees should be given access to information that they need to access and rest should be blocked for use. A business owner must have access to everything whereas managers can get access to specific areas they are working on.
Perform Physical Audits
It is important that the physical audit of each and every record of the transaction is done on a periodic basis to identify any fraudulent transactions. An appropriate time span would be once in three months and thus a quarterly audit is the best way to identify any discrepancies and plan inventory accordingly.
Professional Internal Controls for Small Businesses in Florida
Call Advantage Accounting & Tax, Florida to experience a professional audit process that identifies the loopholes and sets up the policies and procedures for your firm. Let our experts guide to set up a process that ensures full protection for your small business internal controls.
Book your appointment today and transform your business with the best accounting experts in Florida. Call us now to enquire about the packages.