This archive report was first published on 8 January 2020.
According to Kefa Nyakundi, director of Africa Risk Institute, only specific people should have access to company accounts, including petty cash and bank accounts. This includes limiting who can write cheques and keeping unnecessary cash on hand.
Regular checks are also crucial. As Nyakundi advises, personally assess and analyze every aspect of your business, from financial records to employee records. This should be done unexpectedly to keep everyone on their toes and identify potential issues before they escalate.
Additionally, consider bringing in a professional to review your books. A fresh set of eyes can spot discrepancies that you may have missed, helping to detect weaknesses in your business.
For more business tips and news, grab your copy of The Standard Newspaper.
