“Your business is your biggest financial asset, and
you need to be sure that you are protecting it.”
— Melissa Houston
Is your business protected against fraud or data security risks… from the inside?
This solo episode of the Business Society Podcast is all about implementing internal controls in your business and lessening the risk that your assets and information could be misused.
If you’re wondering what internal controls are — and why having them will benefit your small- or medium-sized business — then you’ve come to the right place!
Internal controls are protective practices that you can build directly into your processes. They’re a vital part of your business, no matter whether you’re operating out of a brick-and-mortar shop or exclusively online. As you scale your business, you’ll inevitably need to grow your team — and as your team grows, so do your risks.
Internal controls help you to protect your business against financial asset threats, financial fraud (including skimming, financial statement fraud, payment tampering, and billing fraud), IT risks, data security risks, and more.
When business owners step away from the financial systems in their business, their absence increases their risk of fraud committed by their own employees. While no one likes to believe that their team is a risk, implementing internal controls lets you run your business with more confidence and security!
In this episode, you’ll discover:
- The top 3 primary control weaknesses that contribute to incidents of fraud
- 5 tips to help you protect your business from internal risks
- The aspects of your business that you should be monitoring regularly
Highlights:
01:04 Happy Valentine’s Day!
02:16 Intro
03:08 Listener shout-out
05:09 What are internal controls?
06:25 The risks you may be facing
09:53 What are internal controls?
11:12 Checks & balances
12:04 IT general controls
13:26 Review your numbers regularly
14:04 Dane Cook story
15:28 Physical controls over tangible assets
16:47 Outro
Links:
The Business Society: https://thebusinesssociety.co
5-Step Roadmap to Biz Finance Freedom: https://melissahoustoncpa.lpages.co/5-step-biz-finance-roadmap
Work with me: https://www.melissahoustoncpa.com/work-with-me
Want more tips and inspiration?
Follow me on Twitter @melissahcpa and Pinterest @melissahoustoncpacga
and visit my website: https://www.melissahoustoncpa.com
Need a Fractional CFO? Check out The Fractional CFO Agency!
