Financial Guide for SMEs - SME Corporation Malaysia

Financial Guide for SMEsFinancial Guide for SMEsSection V : Better Business FinancialManagementWhen you are using financial information to make decisions, it is importantthat policies and procedures are in place to ensure that the information iscomplete and accurate and will lead to correct decisionsChapter Thirteen – Financial Controls Financial controls are policies and procedures used in yourbusiness to protect your assets and to support good financialreportingTopic Hint TipBenefits ofFinancial ControlsIf you are using inaccurate financialinformation for decision-making, you couldbe making the wrong decisionsGood financial controls will protect your investmentin the business and ensure that the business runsmore efficiently, resources are not lost and thereare fewer unpleasant surprisesFinancialControlsChecklistUsing the checklists will help you determinewhich financial controls are relevant for yourbusiness, and highlight the areas where youcan improve your financial controlsFor all those questions in the checklist that havenot been answered with “yes”, review which onesare applicable to your company. Then make anaction plan that includes who will be responsible forimplementing each policy and procedure andgive a due date for completion180180chapter 7-13 p79-181 Eng.indd 1808/15/11 5:03:13 PM