Internal Controls
Internal Controls
Mitigating Risk and Protecting Your Business From Fraud
Every business faces risk, but with an effective system of internal control measures in place, that risk is mitigated. This is not a task that is easily accomplished in-house because, as a business owner, your focus is running your business, managing employees, and turning a profit. That’s where our team at UltraPrecise Bookkeeping comes in. We are experienced in internal control measures and can help you mitigate risks of employee fraud and more so you can focus on your business. Contact us today to get started.
Effective Internal Control Systems That Meet Your Business Needs.
As trained professionals, we have assisted many business owners in creating effective internal control systems to prevent employee fraud, ensure compliance with regulations, and make sure company policies and procedures are in place so that your business operations are effective and efficient. We work with your business to identify and document weaknesses with existing internal controls, then perform procedures to test whether the current internal controls you have in place are effective. Finally, we offer recommendations in a report of findings that can be used to strengthen your internal control systems, and that reflect the needs of a particular business.
What we do for you:
- Recommending segregation of duties for implementation by dividing responsibilities so that no single person has control over all aspects of financial transactions.
- Make sure transactions are authorized by delegating approval authority to an individual only when the transactions are consistent with policy and funds are available.
- Ensure records are routinely reviewed and reconciled by someone other than the preparer or transactor.
- Ensure that equipment, inventories, cash, and other property are accounted for.
- Physically secure, periodically count, and compared with item descriptions shown on control records.
- Provide employees with appropriate training and guidance to carry out their job duties.
- Set up proper channels for reporting suspected improprieties.
- Document policies and procedures and make them accessible to employees.
- Review operations to determine whether the results are consistent with established objectives and goals and carried out as planned.
Don’t Let Employee Fraud Be the Downfall of Your Business.
If you suspect employee fraud or are concerned about your business risk, then maybe it’s time to review and update your internal control systems. UltraPrecise Bookkeeping is here to help you mitigate risks and strengthen your internal controls. Contact us now and take the first step towards safeguarding your business's financial health and success. Your peace of mind starts here.
What our customers are saying
"I was daunted by all of the financial information I needed to get squared away when I started my business and worried that I wouldn't find someone who was personable in addition to being professional, but Angela is just that. From the moment we met I could tell that she would be able to answer all of my questions, and in the almost two years that we've been working with her she's been able to help me out in every new situation that has arisen- which has been a lot during the pandemic. I would happily recommend her to any other business owner."
- Casey F., Golden Bee Bookshop
"There are bookkeepers who make entries and provide you with clean books. Just getting it right is a win. Then there is UltraPrecise, who far exceeds the level of bookkeeper. Angela customizes to our needs. She gives advice. She interacts with our tax accountant and helps strategize. Angela provides Board Room level CFO insights and recommendations. This is not only bookkeeping. This service is effectively a Finance Department and CFO. A lot of people can do the books. UltraPrecise gives far more. This replaces two or three FTE's at a fraction of the cost and with excellent and timely outputs."
-Chris W., Portfolio Properties Group
"Angela has taken the stress of the financial management of our organization off of our shoulders. She's very thoughtful and proactive-- we can trust that our finances are in good hands and can make decisions about hiring and spending from a position of confidence. She is detailed, thorough, super responsive, and quick to get back to us on time-sensitive issues."
- Jennifer D., Progressive Maryland, Inc.
Ready to get started?
Schedule a free consultation with us today