POOR ACCOUNTING PROCESS IS THE REASON MOST SMALL BUSINESSES FAIL Internal Controls A small business, such as a restaurant or a medical practice, may not have an accounting department with dozens of employees. However, making the office manager or the bookkeeper solely responsible for the accounting could mean a failure to catch data entry mistakes -- such as entering the wrong sales amount -- or more serious mistakes -- such as forgetting to record a transaction or not paying the bills on time. In an April 2009 article published by The Institute of Internal Auditors, corporate audit manager Nick Stone wrote that small-business owners should stay involved. For example, they could review monthly bank statements and periodically fill in for the bookkeeper. These spot checks could serve as a review mechanism to detect unusual entries and trends
Posted on: Mon, 07 Oct 2013 09:11:54 +0000
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