Internal controls for agribusiness operations

By Brian Ravencraft

Having sound internal controls in place is necessary for any agribusiness. It can be the difference between success and struggle. Internal controls are designed to prevent fraud, streamline operations, and ensure that your business is following best practices. Every type of business needs to have controls in place, no matter the size. Let’s take a look at some of the top controls to implement.

Separation of duties

Segregating duties among your employees is crucial for preventing fraud and costly errors. By dividing responsibilities for different processes, no single employee or department has too much control. For instance, the person who reconciles your bank statements shouldn’t be the same person who approves transactions within your accounting system.

Regular reconciliations

Frequent and accurate account reconciliations help identify discrepancies that may point to mistakes, internal fraud, or external theft. This includes reconciling bank statements, credit card statements, and other financial accounts to the accounting records within your business.… Continue reading