Post by Fesari (@Fesarinews)

🚨 Many SMEs in Nigeria do not fail because they lack customers or capital.

They fail because they ignore INTERNAL CONTROLS.

Here are 5 reasons why🧵👇

1) Many business owners focus on sales but ignore systems.

Money comes in. Money goes out.

But nobody asks:
"Who approved this payment?"

2) No separation of duties = high fraud risk.

The same person receiving cash, recording transactions, and reconciling accounts is a danger signal.

3) Poor documentation creates confusion.

No receipts.
No records.
No accountability.

Without evidence, decision-making becomes guesswork.

4) Internal audit is not only for large corporations.

Even small businesses need periodic reviews of:

✔ Cash flow
✔ Expenses
✔ Inventory
✔ Staff processes
✔ Compliance

5) Prevention is cheaper than correction.

By the time fraud is discovered, the business may already be losing money, trust, and growth opportunities.

Strong businesses are built on strong controls, not just strong sales.

What internal mistake have you seen SMEs make?

#SMEs #InternalAudit #ForensicAccounting #BusinessGrowth #Entrepreneurship #Finance #Nigeria #Leadership

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