Establishing Internal Systems
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Internal controls can help your company achieve its goals and limit the internal and external risks and threats you’re likely to encounter, enabling you to manage and control the business rather than allowing the business to control you.
Not only has our CFO from The CFO Center put financial systems and controls in place, they have also saved us a lot of money.
There Are 5 Key Elements To A Strong Internal Control System
Separation of Duties
Key duties and responsibilities in authorizing, processing, recording, and reviewing transactions and events should be separated among individuals
Every transaction must be authorized and carried out by people acting within the scope of their authority
Ensures that assets are properly controlled and that each transaction is accurate and complete
Ensures the objectives of the internal controls are achieved
Ensures the accuracy
and validity of your records, allowing discrepancies to be resolved quickly and preventing unauthorized changes from occurring
Common mistake: Waiting until it’s too late
Most companies don’t use internal controls because owners don’t realize such controls are necessary. This leaves the company vulnerable to unscrupulous behavior, bad or hasty decisions, or reactive instead of proactive tactics.
The CFO Center can help systematize your business and its internal controls so you can view your business from a much clearer vantage point, and decisions to grow the business can be made knowing that the underlying model is scalable and robust.
A part-time CFO from The CFO Center will work with you to redesign your company’s architecture, allowing you to go from working in a job to managing a stable, healthy business.
Stop navigating your business in the dark. Discover the essential reporting you need right now.
Be ready instead of reactive by implementing frameworks to help your business operate. Inside this free 12 page guideyou’ll explore::
The 5 Essentials of an internal control system and their benefits
The 3 main reasons companies don't implement control systems so you can avoid these mistakes
Case studies, including how The CFO Center helped save a company after its CEO stole from it
Insights from experts on the importance of frameworks and internal controls
Explore more of how our approach to operational skills can help you and your business
Cash Flow Management
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Maybe you have something specific you're trying to accomplish in your business, or all you know is things could be better than they are. We'll help you figure out what's next - all you need to do first is reach out.
More than part-time CFOs, The CFO Center consists of financial and business experts, advisors and strategists who can help you define and deliver the numbers that really matter to you and your business, including increased profitability, better cash flow, and stronger strategies for growth.
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