Internal Controls & Processes
Internal controls are actions, procedures, and policies that are designed to safeguard assets and ensure that all transactions are recorded completely, timely, and accurately in the accounting records. Internal controls ensure that assets are protected from loss or deterioration. For example, physical inventory or buildings should be protected with security such as locks, security guards, cameras, barbed wire fencing, and so forth. Cash and bank accounts should be protected by having a separation of duties between various functions, including accessing cash (including online access), opening mail, depositing checks, recording cash, and reconciling bank accounts. Internal control procedures should be put in place for all business operations to protect the company’s assets and minimize the risk of loss.
Emerging and growing businesses are often formed by an entrepreneur with a great business idea but not as much knowledge about how to protect their business. Or they may be family-run businesses where various activities are performed by family members and there is a possibility for conflicts of interest between operating functions that should be separated or do not have controls to prevent theft of funds.
The CFO Strategies team has extensive experience as accountants or Certified Public Accountants (CPAs and auditors, designing internal controls that protect against the possible loss of cash and other assets from misappropriation, theft, or fraud. We understand that in smaller businesses, and especially family-run businesses, there needs to be a balance between the costs associated with building a strong control environment with the practical aspects of working in a smaller environment. CFO Strategies has the experience and business savvy to design the right internal controls for your business.
CFO Strategies is ready to periodically perform self-audit procedures of key business operations and areas most susceptible to risk to ensure that your business is well protected and the controls are operating effectively as designed.
Our mission at CFO Strategies is to help business owners make sure their internal control systems are strong and designed to effectively protect the business owners’ interests. This will give any business owner the peace of mind to focus on the important work of growing their business.