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Owner Accounting Controls

What controls does your company have to help reduce the risk of loss?  Here are a few things to consider:

  1. If an employee is doing the books in-house, do you have a CPA review the ledgers monthly or quarterly for accuracy?  Do you review them frequently?
  2. Have all your employees had background checks?
  3. Do you randomly verify and cross-check receipts to inventory and invoices?
  4. Are there any overages or shortages in cash registers?
  5. Do all checks, purchase orders, requisitions, etc. require your signature?
  6. Do you control check, invoice, and related vital paper stock?
  7. Do you verify that every paycheck issued matches to an existing employee?

What other controls do you have in place?  It is a fine balance between controlling everything and over-complicating employees's responsibilities.  Each business is unique and controls may vary between organizations.

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