Internal Controls for Small Business

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Small businesses use internal controls in order to remain on track and stay a success. Learn about internal controls for small businesses, such as budgets, with help from a registered financial consultant in this free video on money management and financial advice.

Part of the Video Series: Money Management
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Video Transcript

This is financial adviser Patrick Munro talking about internal controls for small business. Basically, a small business is very much like an individual. They have a budget that they need to operate within. They have planning that they need to achieve their goals. And there are various internal controls that the company needs to instigate in order to remain on track and remain a success. Of course, the first one is a budget. The company will put together a budget and it's usually required that they maintain that budget at all times. They also must have a way to collect their receivables once they execute the sale of goods or services. They can extend credit to other companies and individuals, and they must make sure that those revenues come in in a timely fashion so that their debts and obligations can be paid out to various vendors and governmental bodies. This requires internal controls and various staff members are responsible for various things in the company. And, of course, all report to the president of the small business. This is Patrick Munro, financial adviser, talking about internal controls for small businesses.

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