Running a business in today’s environment means doing more with less. Whether you’re a small startup or a mid-sized company, resources are often tight—and that can put pressure on one of the most important safeguards an organization has: internal controls.
In this episode of Q&A Over Coffee, Adam Hennen sat down with Daniel Owens and first-time guest Michael Feriancek to talk about how businesses can strengthen internal controls without breaking the budget.
Why Internal Controls Matter
The Challenge of Limited Resources
Cost-Effective Controls Businesses Can Implement
It doesn’t always require a big budget. Mike and Dan highlighted several practical strategies:
- Segregation of Duties, Even with One Accountant
- Cash Receipts Monitoring
- Payroll Oversight
- Board or Volunteer Involvement
Dan also stressed the importance of reviewing vendor lists—catching lookalike or duplicate vendors is a simple but powerful fraud prevention tool.
Leveraging Technology and AI
Spotting Warning Signs
Internal Controls as a Journey
Final Takeaways
The message is clear: regardless of size or budget, every business can — and should — take steps to safeguard its financial integrity.
Visit the Minnesota Council of Nonprofits: https://minnesotanonprofits.org/
Guests:
- Michael Feriancek, CPA – Audit Director
- Daniel Owens, CPA – Audit Principal and Head of the Audit Department
