Regain Control From Within

When you are operating a business, you may think things are going smoothly when behind the scenes, there are errors being made that no one is catching. Hiring a trained outside professional to evaluate your company’s operations can help you see ways that you could better protect yourself from employee theft and errors going undetected. Let 4Corner assist you in evaluating your internal controls so that your company can become more profitable, improve operating procedures, and put more efficient internal controls in place.

What Internal Controls Are Beneficial?

There are many different ways you can create internal controls. Here are just a few the 4Corner may suggest. Each company’s internal controls will vary based on the business’s unique situation.

Separation of Duties

The more separation there is between the duties involved in the accounting process, the chance that a single employee will commit errors or fraud decreases. No single person should have total control over all aspects of financial transactions.

Authorization of Transactions

Having specific managers or trusted employees authorize transactions will add a layer of accountability and responsibility when it comes to ensuring all transactions have been witnessed, analyzed, and approved.

Reconciliation of Accounts

Reconciling your records on a routine basis ensures that the accounting balances match up across all other accounts, including banks, credit customers, and suppliers. Spotting differences between them can reveal errors and allow you to fix them before too much time passes.

Physical Audits of Assets

Physically counting cash daily or even periodically throughout the day can expose discrepancies in account balances. Doing a physical audit of inventory, equipment, and other property is also a good way to ensure that all assets are accounted for and appropriately secured.

Employee Education

Ensuring that your employees are adequately trained and have the necessary knowledge to perform their job effectively can prevent many internal errors. It is also crucial for employees to be aware of the appropriate channels for reporting any suspicious activity or errors they witness.

Financial Documentation Standardization

Having a standard set of documents used for invoices, inventory receipts, internal material requests, and other financial transactions can help maintain consistency and prevent errors from occurring. Standard documents will also make it easier to locate errors in past records if necessary.

Internal Control Assistance With 4Corner

This list is just a start to the many ways 4Corner can help your business maintain internal controls. Contact us today for a free consultation and to learn more about how we can help.