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Accounting Controls

I worked as a Fractional Controller, but I don't have systematic controls in my own business.


Why?


I'm "it". I control everything - the checkbook, the credit card. I don't have accounts payable, so there is no approval process. Creating checks and balances would add unnecessary inefficiencies. My control is me!


So when do you, as a CPG founder, need controls?


When payment authorization (cash out) and payment receipts (cash in) need handling by someone other than you or a partner you trust completely.


Are you dropping the ball on paying vendors on-time? Do you need help depositing checks? If you need someone else to help you pay bills, or receive cash, you need separation of duties. You need controls.


Your vendor emails: "We changed our wire information."


Could funds be wired to a bad actor?


Effects to companies big and small can be devastating - see a link in the comments for more information. Technology can help you implement controls and keep your hard-earned money safe.


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