From the course: Finance Essentials for Small Business
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Using controls to safeguard info and track business activity
From the course: Finance Essentials for Small Business
Using controls to safeguard info and track business activity
- A good system of recordkeeping and controls is what the scientists would call a necessary but not sufficient condition. A good information system will not ensure the success of your business, but a bad information system will certainly contribute to your lack of success. Now about controls, what are they? Controls are procedures that should be in place to ensure that one, the information that is being collected in your accounting system is accurate and reliable, thereby helping you to run your business better. And two, to safeguard your assets and your records. Now what sort of control should I have on information that I will collect? You will need to answer questions like how will you document that your cash outflows are legitimate business expenses? You better have proper documentation. If I'm in a business that has inventory for resale, how will I know how much I have on hand? How do I know how many hours my employees…
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