Administration
Again, your procedures should be up-to-date and adhered to, in the administration of your business, as in each and every other department.
Your administrative staff and especially those in charge of paying your accounts and purchasing items are in a particularly sensitive role and need to be overseen in their activities, by you. Make sure you know what is happening with the accounts in your business. Set up guidelines that make sure you are ‘in the loop’ and there are failsafe measures in place to know what your cash position is every day. Many a business owner has passed this work to others only to find out months or years later that they have been embezzled by those who were most trusted.
Trust your staff and have steps in place to ensure that their actions are verified.
Check regularly to ensure that your compliance obligations are up-to-date, and the monies owed to you are being paid on time. If your business is running accounts that are behind in payment then the time to do something about is now. Don’t let delinquent accounts cost you money in loss of discounts you can negotiate for goods you purchase, and don’t let bad payers have you exposed to risk of non-payment. Don’t tolerate deadbeats who don’t pay you – and don’t be one yourself! Pay your bills in good time, no sooner than necessary, but no later.
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