Three Quick and Easy Financial Controls

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Hi this is Judi Otton with GrowthCast and today I am going to give you three really quick financial controls that you can implement in your business immediately. First of all, do you have one of those signatures stamps lying around or are you signing checks that your employees can then use later. Stop that. Please, please, please don’t do that. I want you to sign every check that’s printed out and I want you to review who you’re paying and what. You can do it once a week. It doesn’t take a lot of time. But it’s important that you do this and it’s very important that your employees don’t have the ability to sign checks on your behalf. Second, are you or your employees sharing logins to bank accounts? Stop this as well. Everybody needs an individual login to the bank accounts. There are some other software that they should have individual logins as well, QuickBooks being one of them or whatever your accounting system is, but very very important with the bank accounts make sure everybody gets their own unique login. Third quick and easy financial control is review your bank statements and credit card statements every month. You don’t have to spend a lot of time doing this and you don’t have to look at everyone every month. But the important piece here is occasionally ask a question so that everybody knows that you’re looking at what’s going on. If you can do these three things they go a long, long way to tightening up your financial controls and protecting your business from anything that you wouldn’t want to go wrong. This is Judi Otton with GrowthCast and I’ll be back next week with a new Fiscal Fitness Tip of the Week.