As a business grows, it needs to implement internal controls in the accounting department to govern key financial transaction streams and risk areas. These internal controls will ensure that the amounts that are processed are correctly recorded.
This stream of transactions relates to all of the steps in the process of purchasing, including the authorization of purchases, the receipt of goods and services, and the recording of payables and payments. The following are key areas where having internal controls ensures oversight:
The payroll stream relates to all of the actions involving payroll processing and will naturally overlap with some of your HR functions. The following are key activities where having internal controls ensures oversight:
Similar to PPP, this stream deals with all of the transactions related to the sale of goods and services. The following are key areas where having internal controls ensures oversight: