Financial Guide for SMEs - SME Corporation Malaysia

Financial Guide for SMEsEmployeesAre there adequate time records for employees paid by thehour?YES/NODoes the sales people’s commission records reconcile withsales records?If employees punch time clocks, are the clocks located sothat they may be watched by someone in authority?Are time records for hourly employees approved by asupervisor?Are there appropriate controls in place to ensure that theabsence of any employee is noted?Is the clerical accuracy of the payroll checked?Are payroll registers reviewed by a responsible person?If employees are paid in cash, is the cash requisitioncompared to the net payroll?Is there control over unclaimed payroll cheques?Do you cross-train staff in accounting functions?TIPFor all those questions in the checklist that have not been answered with“yes”, review which ones are applicable to your company. Then make anaction plan that includes who will be responsible for implementing eachpolicy and procedure and give a due date for completionReviewing this checklist and taking appropriate action will ensure that you havegood fi nancial controls in place for your business.167chapter 7-13 p79-181 Eng.indd 1678/15/11 5:03:10 PM