HOW TO USE INTERNAL CONTROL TO GROW YOUR BUSINESS IN NIGERIA

HOW TO USE INTERNAL CONTROL TO GROW YOUR BUSINESS in Nigeria,

As a business owner do you feel your staff are stealing meaning from the business, are you daily getting frustrated with your books (financial records) or you have lost track of what is your daily expenses, income and other operational costs and everything is happening so fast to the extent you are getting very confused.

You must understand that all businesses, whether corporations or SMEs, require internal control over their finances to maintain legal compliance and sustainable development within their niche market of which your business is not different, Internal controls, processes, and systems are crucial to ensure your businesses transactions and process is done inline with proper procedures legally and responsibly.


All you need is a proper well structured internal control system and in this Business clinic session with Abraham Orukpe, I will be sharing more insight into how best you can you Internal control to effectively and effeincenly operate and grow your business.

Therefore, three essential questions must be asked to define this scope of action:

(1) Which aspect do you want to cover within the internal control framework?

(2) Which activities (processes) are concerned?

(3) What are the families of risks that internal control will help reduce?


What is internal control you may be wondering to ask me?

Internal controls are simply the technique, rules, and procedures you as a business owner implement in order to ensure the integrity of financial transactions and accounting information, promote accountability, and prevent fraud in your business Besides complying with laws and regulations and preventing employees from stealing assets or committing fraud, internal controls can help improve operational efficiency by improving the accuracy and timeliness of financial reporting.

Here is some key aspect internal control will address in your business and some of the practical aspects it will cover for you, internal control system consists of the formal policies and procedures that do the following:

(a) ensure assets are properly used

(b) ensure that the accounting system is functioning properly

(c) monitor operations of the organization to ensure maximum efficiency

(d) ensure that assets are kept secure

(e) ensure that employees are in compliance with corporate policies

A properly designed and functioning internal control system will not eliminate the risk of loss, but it will reduce the risk.