Do you trust your employees?

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Do you trust your employees? I hope so. I also hope that you have appropriate financial controls in place. Hi, I’m Judi Otton and with GrowthCast and I’m here with your Fiscal Fitness Tip of the Week. Today I’m going to give you three quick and easy financial controls that you can implement in your business right away. First of all, make sure that you’re checking your bank and your credit card statements regularly. Now this doesn’t mean that you need to check every statement every month. That could be overwhelming. But do check each one or check one a month. Make sure that you’re asking questions too. Because not only does that get, does this give you the opportunity to check and make sure that there are no transactions that shouldn’t be there. It also lets your staff know that you are looking. Number two, make sure that you’re signing the checks and looking at all the checks that you sign. There should be a very small number of people in your organization that have authority to sign checks and they should be reviewed. Every check should be reviewed before it goes out. Don’t sign blanks blank checks. And please please do not buy one of those stamps that lets your staff stamp and sign for you. Number three, make sure you’re reviewing your payroll reports. And again you don’t have to do this every single payroll cycle. But do it periodically make sure that there are no names that you don’t know, make sure that that people are getting paid the hours that they should be getting paid. And this also gives you an opportunity to keep an eye on overtime, which is something that you should be doing anyway. I know financial controls is a big topic and these are just three little things that you can do to improve yours. If you’d like a full audit of your financial controls, feel free to reach out to me. My contact info is at the end of this video. I’m Judi Otton with GrowthCast and I’ll be back next week with your Fiscal Fitness Tip of the Week.

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