Tags |
|
|
Added for You - Internal Control - The Why and How
I can picture you exactly where I was just a few short years ago -- Sitting in another useless meeting organized by a group of senior managers that have a combined IQ less than your own child at 3-months old. Around in circles you go, no progress again today and only those who play the game the best will collect the bigger paychecks - but even they can't outlast this game of roulette can they? Listen - I get asked often, even by my own wife, "why are you so driven!" It's true, these days I am passionate about just about everything I do - especially my internet home business. Why? Is it the thought of a new porsche sitting in my driveway that motivated me to succeed with my internet home business? What about cruising up and down the Pacific Coast in my new yacht?
The above examples resulted in losses to these retailers ranging from several thousand dollars to fifty thousand dollars. In all these instances, good, sound internal controls were either lacking or not being enforced.
The above examples emphasized internal theft; however, lack of sound, well-e
Believe it or not most universities could use a few pointers from private enterprise. One place I feel they fall down is in customer service. Professors at universities could do more in the way of customer service by assisting their clientele, the students with better care.Rather than sitting the 100 kids in a classroom looking at a video monitor it would be best if the professors would give better customer service to the students and give them more one-on-one time and not treat them like cattle. Many professors as they get up in tenure and stature in the “publish or perish world” of academia assume that they are too good for the students and withdraw from what I believe to be their duty and responsibility as professors.Too often they will use student aids to help the students who are trying to learn rather then giving the extra cu
Why should you be interested in establishing and maintaining sound internal controls? Good internal controls help ensure the accuracy, completeness and validity of information. They help to prevent anyone from deliberately tampering with information and also help prevent employee dishonesty. Internal controls do this by building checks and balances into your procedures and record keeping system.
What happens when internal controls are lacking? Following are several examples of actual incidents where we were called upon by retailers after they discovered occurrences of internal theft.
The store manager who was "transferring" merchandise from one store to another. In fact, he was diverting the merchandise for his own use.
The bookkeeper who "adjusted" her own charge account so she was getting her merchandise free.
The salesperson who processed cash refunds using fictitious names and pocketed the money.
The cashier who destroyed cash sales tickets and pocketed the cash.
The bookkeeper who used company checks to pay her personal bills.
The receiving clerk who helped himself to new merchandise that had been received.
The above examples resulted in losses to these retailers ranging from several thousand dollars to fifty thousand dollars. In all these instances, good, sound internal controls were either lacking or not being enforced.
The above examples emphasized internal theft; however, lack of sound, well-en
The US airline industry is gradually moving away from all the bloodletting that brought about the bankruptcy of four major carriers over the past several years while at the same time marked the emergence of many discount carriers into the forefront of the business. Indeed, the face of commercial aviation has changed dramatically over the past decade and it now appears that the worst is behind us. This does not mean that further layoffs and downsizings are not possible, but for the person seeking a customer service career in the aviation industry, the future has brightened considerably.Customer service opportunities with the airlines includes the following job titles: reservation agents, ramp agents, line service technicians, customer service agents, baggage handlers, and various management positions including station manager, customer ser
What happens when internal controls are lacking? Following are several examples of actual incidents where we were called upon by retailers after they discovered occurrences of internal theft.
The store manager who was "transferring" merchandise from one store to another. In fact, he was diverting the merchandise for his own use.
The bookkeeper who "adjusted" her own charge account so she was getting her merchandise free.
The salesperson who processed cash refunds using fictitious names and pocketed the money.
The cashier who destroyed cash sales tickets and pocketed the cash.
The bookkeeper who used company checks to pay her personal bills.
The receiving clerk who helped himself to new merchandise that had been received.
The above examples resulted in losses to these retailers ranging from several thousand dollars to fifty thousand dollars. In all these instances, good, sound internal controls were either lacking or not being enforced.
The above examples emphasized internal theft; however, lack of sound, well-e
Business success is essentially the result of successful leadership. Contrary to the popular myth, leaders are not just born. Leadership skills can be learnt and developed. A business is a distinct reflection of the leader, who may be the owner or manager. A business is never successful despite the leader, it is always successful or otherwise because of the leader.7 LEADERSHIP ATTRIBUTESThere are 7 key attributes that a leader must develop if the business is going to succeed. A leader must have vision, must be an entrepreneur, must inspire others, must set standards, must orchestrate methods, must understand people and must measure results.1 Vision Vision is the attribute that drives the leader, the reason for existence and motivation behind being in the business. The vision the
What happens when internal controls are lacking? Following are several examples of actual incidents where we were called upon by retailers after they discovered occurrences of internal theft.
The store manager who was "transferring" merchandise from one store to another. In fact, he was diverting the merchandise for his own use.
The bookkeeper who "adjusted" her own charge account so she was getting her merchandise free.
The salesperson who processed cash refunds using fictitious names and pocketed the money.
The cashier who destroyed cash sales tickets and pocketed the cash.
The bookkeeper who used company checks to pay her personal bills.
The receiving clerk who helped himself to new merchandise that had been received.
The above examples resulted in losses to these retailers ranging from several thousand dollars to fifty thousand dollars. In all these instances, good, sound internal controls were either lacking or not being enforced.
The above examples emphasized internal theft; however, lack of sound, well-e
How Do You Score with your Clients?Your clients will verbally and silently let you know how you are performing. Do they routinely give you repeat business, testimonials, and referrals to others?The only way to accomplish the above is to initially work for a win-win solution, then continually deliver on extraordinary service, follow-up promptly on promises, listen carefully and make certain everyone is satisfied. This is relationship selling at its best.The real estate agent stories below exemplify how service will work for you dependent upon how you work with your client. You will read why one agent will never be called again, the second needs to move on to another career and the third has all the business she wants.How can the outcomes be so different for the three agents in the same industry? It is
The salesperson who processed cash refunds using fictitious names and pocketed the money.
The cashier who destroyed cash sales tickets and pocketed the cash.
The bookkeeper who used company checks to pay her personal bills.
The receiving clerk who helped himself to new merchandise that had been received.
The above examples resulted in losses to these retailers ranging from several thousand dollars to fifty thousand dollars. In all these instances, good, sound internal controls were either lacking or not being enforced.
The above examples emphasized internal theft; however, lack of sound, well-e
Who is Ashton Sanders? I realize that many of you have no idea who Ashton Sanders is, so I thought I would do a quick post about his past.Ashton Sanders was born in Los Angeles, and joined the cub scouts when his younger brother got into tiger cubs. They were both the goody-two-shoes of their public school in Los Angeles. When he finished 6th Grade, he transfered to Delphi Academy of Los Angeles.Ashton Sanders always loved sports. He was on the soccer team my four high school years, the volleyball team, and the football team. He was also the captain of the Soccer Team the year they became undefeated League Champions; a school record to say the least. Ashton was awarded the League's Most Valuable Player Award and the Team Spirit Award. If there was anyone on the field keeping the team motivated and feeling good about what they've ac
The above examples resulted in losses to these retailers ranging from several thousand dollars to fifty thousand dollars. In all these instances, good, sound internal controls were either lacking or not being enforced.
The above examples emphasized internal theft; however, lack of sound, well-enforced internal controls can also result in other problems for the retailer. For example, without them the following can occur:
Vendor invoices paid twice. This not only reduces cash but overstates book inventory and results in shrinkage.
Inaccurate management information resulting in wrong decisions being made.
If charge sales or payments are posted to customers accounts incorrectly you run the risk of losing valuable customers.
How difficult is it to institute a system of good internal controls in your store? It does not require excessive amounts of extra work and time to put good them in place. Many controls are very easily established with only minor changes to the existing procedures. The hardest part is actually identifying all the areas where internal controls are lacking. While the store owner is the person most familiar with the store's operations, many times it takes the review of a retail specialist to identify the areas where internal controls are needed.
If you are wondering if your internal controls are adequate, following is a sampling of several common control procedures and why they are important.
If handwritten sales slips are being used, they should be numbered and all numbers should be accounted for in the office. This helps prevent employees from destroying cash sales slips and pocketing the money. It also helps to prevent the inaccuracy of sales, inventory and accounts r
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.added4u.com/article/24628/added4u-Internal-Control--The-Why-and-How.html">Internal Control - The Why and How</a>
BB link (for phorums):
[url=http://www.added4u.com/article/24628/added4u-Internal-Control--The-Why-and-How.html]Internal Control - The Why and How[/url]
Related Articles:
How to Hire Your First Cleaning Employee
How to Climb the Corporate Ladder
Tales from the Corporate Frontlines: Providing Career Opportunity
Bookmark it:
|