Cash-handling internal controls

Here is a healthy reminder from Peter Lucash regarding internal controls around revenue and expense tracking.

Internal controls have several purposes, the most important of which is to insure that all revenue and expenses are recorded, and assets are recorded and placed where they belong. The essential concept is this: a separation of duties. The person who opens the mail and receives the checks is not the same person who enters payments into the bookkeeping system, and is not the same person who prepares the deposit.

Take the necessary time to review your clinic’s policies and procedures around these cash-handling processes.  As Peter mentions, it’s not about trusting your staff, it’s about making sure that your businesses financial records are correct (and audit-proof).

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