Every business organization owns assets that need to be protected from threats. If these assets are not protected, business owners may face losses and an interruption in business operations. One way to be proactive in reducing organizational risk is to implement strong internal controls.
The concept of internal control is a foundational principle for accountants. Implementing internal control takes strategy and commitment from the top to the bottom of the organization. In this report, we’ll share a handful of tactical ideas to give you a taste of how internal control can be implemented in your business.
Here’s a partial list of ideas to implement in your business that will not only strengthen internal control but also reduce your risk of business loss.
Employee
Physical Assets
Banking
Customers
Inventory
Accounts Receivable
Pricing
Vendors
Accounts Payable
Marketing
IT
Legal
General
While this list is far from complete, you can still use it as a preliminary checklist to gain ideas on how you can better protect your company against risks.
If you’d like to know more about how internal control can reduce your business risk, please feel free to reach out any time.
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