Let’s face it. If you’re a business owner, then most likely, you are the primary person responsible to make many of the critical decisions facing your business. This is why you got into business in the first place – to call the shots. Therefore, you need to learn and understand how to manage your business finance. It is easy to say that you will just hire someone, an accountant or a finance consultant, to take care of the finance matters for you. And then you will just focus on what you are good at – your craft. But the bottom line is this : Whoever is making the decisions for the business needs to understand the basics of finance as this is related to all the other areas of the business – marketing and sales, production, operations, administration and human resources organization. In all these areas, there should be audit and internal control policies and procedures.
Audit and internal control procedures are designed to ensure reliable financial reporting, effective and efficient operations, and compliance with applicable rules and regulations. They also create safeguards and evaluate risks in your business operations.