Here are some practical security guidelines when it comes to controlling your business’s cash. Follow these rules to ensure your business’s money handling and recording stays secure:

  • Separate cash handlers. Be sure that the person who accepts cash isn’t also recording the transaction.

  • Separate authorization responsibilities. Be sure that the person who authorizes a payment isn’t also signing the cheque or dispersing the cash.

  • Separate the duties of your bookkeeping function to ensure a good system of checks and balances. Don’t put too much trust in one person – unless it’s yourself.

  • Separate operational responsibility (actual day-to-day transactions) from record-keeping responsibility (entering transactions in the books).