Small businesses and small nonprofits have a much more difficult time creating the necessary internal controls to safeguard their assets. The number one recommendation to implement proper accounting controls is by creating segregation of duties.  Easier said than done for a small business. They generally do not have the luxury or budget to hire multiple staff in order to have a separation of duties. This creates a weak internal control where fraud risks are high.

Adding insult to injury, smaller organizations have a difficult time budgeting the high cost of a professional internal control consultant requires to complete an internal control audit. They further don’t consider or believe their business at risk without creating an effective system of internal controls. Most accounting controls and procedures are written for government agencies or large corporations who need to be SOX compliant. This further leaves small businesses behind as they are too difficult to follow or tailor. Business Fraud Prevention’s sponsor Vitalics has provided grant recipients with a free license for their small business internal control system will an internal control audit or internal control program setup award.

Business Fraud Prevention is a registered 501c3 that provides free grant based or shared reduced costs services to make sure your small business bookkeeping and accounting is on the right track.  We do this by setting up an internal control program specifically tailored to your small business. Or, if your organization has been established for many years, we can also complete an internal control audit. Please click on the “Services” list to see the detail on the grant award information and how your small business or small nonprofit can apply to get an internal control audit or program.

We are currently serving the Colorado and Wyoming area. Some of our reviews can be completed virtually from other states. Please submit your information for a free consultation.

Your customized internal control system will include all of the various departments that relate to your business. Some of which would be;

• Completing a small business risk assessment
• Asset controls
• Accounts payable controls
• Accounts receivable controls
• Banking and bank reconciliation controls
• Cash disbursement controls
• Financial reporting controls
• Payroll and human resources controls
• Purchasing and inventory controls

Please make a donation to Business Fraud Prevention today, in order to help us continue our fight against fraud.

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Small Business Bookkeeping ICR Consultation