Friday, March 20, 2009
For the two weeks of experience I had with Bob Low & Co., I realise I had a lot to learn from especially when it comes to internal control. Small companies lack the internal control needed because they are unable to employ more workers for segregation of duties. Furthermore, some companies is one shareholder, one director and the director is the shareholder, hence the control of money and accounts lies with the director. This made the internal control worse off. Actually internal control can be done at a small scale level. Start by retaining all the invoices whether be it purchase invoice or sales invoice. File them nicely in a file them according to expenses or on a monthly basis. Petty Cash should be run in a imprest system and all claims by the staff should go through the petty cash. That's all for now.
what we could have been, 10:02 PM.
