There are threats to small businesses that most of us cannot control–better funded competitors or an economic slowdown are just a couple of examples. But what of those risks that emanate from within your business? Vague policies, unclear procedures, and poor monitoring can hamper growth and sometimes even destroy a business. We can help you mitigate these risks by reviewing and updating your current internal controls or creating new ones that will streamline and safeguard your business.
With the correct internal controls, goals and policies are clearly articulated and procedures for communication and security are standardized throughout the business. The duties and responsibilities of employees are documented and segregated thereby removing the opportunity for theft and reducing errors. Records of stock and equipment are periodically checked against actual inventory counts.
The internal controls we design for your business will assure efficiency of operations, reliability of financial reporting, and regulatory compliance. Risks can never be completely removed, but we can identify and prioritize them for you and recommend strategies to combat them wherever possible.