Internal controls are important to have for even the smallest of businesses because it can ensure that your profits are not lost. LC Bookkeeping has seen, on more than one occurrence, bookkeepers, trusted by the owner of a small business, stealing thousands of dollars. If the theft doesn't put the owner out of business, it certainly causes a major headache and a dent in the profits.
The reason we hear of these cases so often is that, in a small business, there may only be the owner and a bookkeeper. The owner doesn't like doing the books, doesn't understand them, and relies on this one person to take care of things. The bookkeeper, who may be having personal financial difficulties, takes a small amount of money intending to pay it back. No one seems to notice, so more is taken. Over a period of time, it starts to mount up to a lot of money.
This is where the concept of "internal controls" comes in. Essentially, every business should have, at some level, an internal control system in place to protect against losses. LC Bookkeeping will work with the owners of the business to develop and improve the internal control systems in the business.