This is what is considered lack of controls and the company. Lack of controls can cause serious damage to your customers, your business, your systems, your relationships with your vendors, and pretty much everything else.
The control system doesn’t have to be anything fancy. It can be as simple as a check list that each employee does for whatever job is at hand. This checklist is one of the best things that I’ve seen a company do to have some sort of a tracking system on their controls.
Having control systems also helps the value of your business. If you have a system that controls your business is much more valuable to the next person who wants to buy it and therefore your sales price will be much higher.
What types of control systems do you have in your business? What have you found works really well and what have you found that really doesn’t? I look forward to your response as it will help other members in the Tax Goddess community.