Small business owners and management have long sought ways to better control the organization they manage. An effective system of internal control enables management to deal with rapidly changing economic and competitive environments as well as shifting customer demands and priorities, allowing for easy restructuring for future growth. Internal controls promote efficiency, reduce risk of asset loss, and help ensure the reliability of financial statements and compliance with laws and regulations. BATS can help you put a system of internal controls in place to keep your organization on course toward its profit goals and the achievement of its mission, while minimizing surprises along the way. We will
• Implement segregation of duties so that duties are divided, or segregated, among different people to reduce risk of error or
inappropriate actions. No one person has control over all aspects of any financial transaction.
• Make sure transactions are authorized by a person delegated approval authority when the transactions are consistent with policy
and funds are available.
• Ensure records are routinely reviewed and reconciled, by someone other than the preparer to determine that transactions have
been properly processed.
• Make certain that equipment, inventories, cash and other property are secured physically, counted periodically, and compared
with item descriptions shown on control records.
• Provide employees with appropriate training and guidance to ensure they have the knowledge necessary to carry out their job
duties, are provided with an appropriate level of direction and supervision, and are aware of the proper channels for reporting
suspected improprieties.
• Document policies and procedures and making them accessible to employees. The documented policies and procedures provide
day-to-day guidance to your staff and continuation of duties in the event of prolonged employee absences or turnover.
• Review operations to ascertain whether results are consistent with established objectives and goals and whether the operations
are being carried out as planned.