Top 15 questions to ask yourself regarding general financial controls in your business
- Do you use a chart of accounts?
- Is your chart of accounts detailed enough to give adequate management information?
- Is a double entry bookkeeping system used?
- Do you use journal vouchers to record your journals?
- Is there a review and approval process around recording and posting journals?
- Do you have a budgeting forecasting process in place?
- Do you conduct regular variance analysis checks? How do your actual results compare to your actual results?
- Do you understand your financial statements?
- Are comparative financial statements used
- Is financial information produced regularly?
- Are reconciliation of your accounts prepared?
- Are reasonable due dates imposed for the preparation of financial information?
- Are the storage facilities safe from fire and other risks?
- Do you have adequate insurance cover?
- Is a record retention schedule used?
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