As the person responsible for operating a small business, you undoubtedly put forth your best effort into locating and hiring good people to work in your company. Perhaps you feel that there’s no possible way that they would ever steal from your business.
Unfortunately, that’s probably what hundreds of American businesses think when hundreds of millions of dollars get embezzled each year. And here’s the scary part: only four percent of the convicted embezzlers had a criminal record prior to being caught.
So how can your business avoid becoming the next target? The best way is to take proactive measures to ensure that engaging in fraud or embezzlement is impossible without being detected. And that’s where TriCPS can help.
TriCPS and Internal Controls
TriCPS’s small business consultants are well-versed in creating and implementing internal controls within a company that are designed to maximize the efficiency and effectiveness of a business’s operating procedures. These internal controls place a heavy emphasis on security, transparency, and documentation so facility managers can easily track every dollar that passes through the business.
Some examples of internal controls that the certified internal auditors at TriCPS may employ include:
- segregating financial duties among various personnel to minimize the chances of mistakes or inappropriate activity
- eliminating single-person control over any given transaction
- outlining authorization procedures for financial transactions
- outlining processes to make sure that funds are available for each transaction
- ensuring that records are reviewed and reconciled on a regular basis by someone other than the person who executes the transactions
- physically securing cash, inventories, and equipment
- ensuring that supplies and equipment are inventoried on a regular basis
- documenting procedures and policies regarding job descriptions of all positions (in the event of employee absence) and making this documentation available to employees
- training employees on the proper method to report improprieties
- providing appropriate supervision for all employees
- reviewing all procedures and operations to determine whether results meet established goals and objectives
When internal controls are established within a company, the temptation for theft or impropriety is substantially reduced. This allows the business to enjoy consistent financial operations without worrying about missing funds.
Let TriCPS Help
TriCPS has been formulating and inspecting internal controls at small businesses in Fort Lauderdale, Miami, and West Palm Beach, as well as throughout the United States, for many years. If your company could benefit from the expertise of TriCPS auditors, contact us online or call 954-351-0336 to set up a free, one-on-one consultation.