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The Complete Idiot's Guide® To Accounting by Lita Epstein, Shellie L. Moore

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Implementing Controls

Even more important than keeping all your paper under control is setting up an internal accounting control system that helps you avoid loss. If you are running the business as a sole proprietor and handling all the funds yourself, you don’t need internal controls. (Unless, of course, you don’t trust yourself.) Otherwise, you should carefully design your accounting system as a deterrent for fraud and embezzlement. A dishonest person can find a way around almost any system, but a good internal control system keeps honest people honest.
Without good controls in place, a small business risks the following:
• Unauthorized use of assets
• Inaccurate reporting of transactions
• Loss or theft of key documents
• False entries into ...

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