P4-1A …show more content…
The improvements the financial secretary should make is that he/she should have a list of what needs to be paid and make a log of the amounts that need paid and to make sure the receipts are logged along with whatever bills or services that needed to be paid that week. The financial secretary should also verify the amount of money in the safe against the log that is kept by the ushers.
The financial committee should show a more detailed list of what expenditures are needed each month so that the financial secretary knows what is needed for payment that month. They should also be involved in verifying the churches income.
To improve internal control the church should have a log for money received during offerings, they should tell the congregation to make the checks payable to the church or to the account holder that the checks are deposited into, because anyone can cash a check made out to “cash”. The church should also verify that any money not deposited from the offering was spent properly and not used for personal things.
Include how a company could use the five basic principles of cash management to increase accuracy for a business.
A company can increase the collection of receivables by offering incentives for quick payment from their customers.
A company can delay the payment of liabilities and bills