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Small business workshop looks at financial controls

A workshop designed to assist small business operators with an understanding of financial controls will be conducted by Latrobe City Council on Thursday 7 September at the Latrobe City offices in Kay Street Traralgon.

By Latrobe City Council - 31st August 2006 - Back to News

Latrobe City senior economic development officer, Leo Billington, said that this workshop, which is being offered for the first time, is designed to assist and guide small business operators with best practice financial controls necessary for making smart decisions.

"Running a small business requires a great deal of financial preparation and planning. There are many who have the desire to be their own boss and therefore should be careful to protect the resources invested in a business. However, the excitement and enthusiasm of being in business, can in some situations, unfortunately be overshadowed by the lack of careful financial controls," Mr Billington said.

"This workshop will assist business people to critically evaluate their financial skills, assess how they may be able to minimise financial risks, examine appropriate financial procedures and make sure that any investment is protected. Ultimately, business owners and managers must be attentive to the concept of internal controls to maximise business potential while minimising risks such as fraud, error and loss.

"The workshop is funded by the Minister for Consumer Affairs from the Estates Guarantee Fund and coordinated by the Department of Innovation, Industry and Regional Development as the ‘Under New Management’ program. It deals with the essential financial elements to be understood when operating a business," Mr Billington explained.

Peter Ceeney, general manager of long established local business, Gippsland Trade Printers, believes that good management and well established financial controls will assist in minimising financial risks so owners and managers can concentrate on profitability.

"In our particular case, internal financial controls and procedures safeguard our assets, ensure that financial information is accurate and that we comply with all financial and operational requirements," Mr Ceeney said.

"For example, some small business owners may think financial procedures are unnecessary. However written procedures help all staff members by explaining why certain controls are required. Therefore errors are reduced, employees understand the business far more quickly and assets are safeguarded," Mr Ceeney explained.

Mr Ceeney added that another example of internal controls was having clear guidelines about the use of assets to ensure proper management supervision. "We have a wide range of different, expensive capital assets, many designed specifically for the printing industry. Therefore, internal policies aim to ensure compliance with strict operational requirements.

"All internal controls, whether administrative or accounting, are linked to a financial consequence. Good management is encouraged because timely reports are available. Action against fraud or dishonesty can be taken if such issues are detected and preparation of financial reports will conform to generally accepted accounting principles," Mr Ceeney concluded.

The Financial Controls for Small Business workshop commences at 5.30pm on Thursday 7 September, and is expected to finish at 7.30pm. The cost of the workshop is $10 and includes a complimentary guidebook produced by CPA Australia specifically to help people in small to medium enterprises.

Source: www.gippsland.com

Published by: news@gippsland.com

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