Internal controls are a very important aspect of a company. Allowing it to operate efficiently and effectively by:
Even if you are a sole proprietor with no employees, it is good practice to maintain some sort of internal control procedures. If you do have employees on the payroll, it is crucial to create and maintain internal control policies as number of employees & necessity for internal controls have a direct relationship. These polices act as bumpers ensuring all the benefits listed above are realized. Your business is your pride and joy; there is no reason to leave it unprotected!
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