Internal controls are simply the business practices within an organization that help it safeguard assets and protect against fraud and mismanagment of resources. Internal controls have received much more attention since Sarbanes Oxley begain requiring their documentation in large companies. However, small business and particularly small business owners can benefit greatly from implementing a few best practices with regard to cash, accounts payable, accounts receivable and fixed assets. These are the areas we discuss with regard to internal controls in this podcast.

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