Essay on Internal Controls Of The Business

830 Words Oct 19th, 2015 4 Pages
I will need around $30,000 for the expenses of the business just to get started. Then there are assets that need to be funded that will be around $50,000+. Additional assets will be involved in the starting of this business as well. Then there will be liabilities and capital costs. All of these will have to be worked out to a reasonable amount in order to maintain the doors open and the business operating successfully. If I keep my finances as low as possible in the beginning and increase as the business grows then I will be allowing my company to make profits. All of this is based on a predication that the prices will be when I actually open my company’s doors. By monitoring the spreadsheets and staying involved with the daily operations of my company I will be able to see what needs to tweak and how long it will take to reach the breaking even point in the company finances department. This is an area that will need to have the internal controls involved daily.
Internal Controls
Internal control is when you are able to monitor the ins and outs of what is going on within your business. “Methods put in place by a company to ensure the integrity of financial and accounting information, meet operational and profitability targets and transmit management policies throughout the organization”, (Investopedia, 2015). In order for the internal controlling to be successful, one needs to be able to monitor this accurately. To be able to monitor this properly you would need…

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