Posted: September 23rd, 2022
I chose discussion question number 2. My small but growing buisiness would be a restaurant. The objective would be to deter theft and illegal activities. My elements are financial, internal cash and inventory controls. For financial control systems i would be using POS registers and accounting software that would link my financial and internal controls together. Doing this gives you a check and balance for each catagory. I would also vary who is doing the daily paperwork so as to not have the same person always doing it which will reduce the chances of theft by that person because the next person is more likely to catch an issue not previously noted. For inventory i would have good organization, an order/delivery checklist and limit access to inventory controls. By keeping organized, using said checklist along with delivery verification checklist and limiting access to inventory controls it would limit theft of inventory with multilevel verification.
The three biggest risks for a small restaurant according to Jack Lohrey from Small buisiness.chron.com are Theft, illegal activities and inventory control. By having consistant cash management, spreading financial and inventory management responsibilities and systemize inventory control you keep from having one person consistantly responsible for those reportings so less likelihood of theft in those areas. Also vetting your employees as well as you contractors will cut down on those chances as well.
If a system is not working correctly you will need to go through and find out what is not working and put more checks and balances in place to fix said error.
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