Our Half-Retirement© program consists of 6 results-oriented steps. The fifth step in our program is Setting the Autopilot. Phase three of this step is Redesigning Your Financial Controls.
Financial controls are the procedures, policies, and means by which a company monitors and controls the direction, allocation, and usage of its financial resources. Financial controls are at the core of resource management and operational efficiency in any organization.
To assure business funds are secure you will need to improve your financial controls. To accomplish this, you will need tight control over cash disbursements. This can be accomplished by limiting access to your accounting system as well as the signing of checks. You also want to make surprise accounting audits and inspections and require audit trails in your accounting system. We additionally suggest performing background checks on all new hires and implement IT controls to prevent phishing & hacking.
Our next blog will cover Step 5 – Setting the Autopilot, Phase 4 – Management by Walking Around to creating your Half-Retirement© blueprint. If you would like to speak with us about our Half-Retirement© program or have a business question or issues you would like to discuss, please feel free to reach out to us via our website Contact page.