2016-12-09 00:00:00 Finance and Accounting English Implement financial controls in your small business to better organize your expenses and prevent financial-related fraud. Accounting Tips: Control Business Credit Card and Cheque Use

Accounting Tips: Control Business Credit Card and Cheque Use

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Small business owners should have some kind of financial control in their businesses so they know where they spend their money and how much. A business-only credit card lets small business owners separate their business expenses from their personal ones. This helps them keep track of their business spending and simplifies bookkeeping. You can also order secondary cards for your employees and allow them to charge business-related expenses on these cards.

Another financial control measure that small business owners can implement is to require dual signature on business cheques over a certain amount. By doing this, business owners can make sure each payment is valid and reduce the chance of embezzlement.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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