Belk On Business

Deeper into the Numbers   • Cash - Were internal controls related to cash followed?  Was spend approved following internal processes?  No one should have unilateral control over cash…different person for approval, spend and reconciliation processes.  Is there a cash overage or shortage based on projections?  Review spend against budgeted thresholds.  Review spend on the balance sheet.  • Inventory balances – Were internal controls related to inventory followed?  Purchase orders approved, random verification of items purchased either on the floor or sold or obsolete.    • Review collection cycle – aged accounts receivable balances Review accounts receivable.  Is the collection cycle improving or lengthening?  Is our sales and collection process clear?  Do we need to send clients to collection?  Do we have the right clients?   • Review debt (short term and long term) – Review credit card balances, lines of credit as well as long term deb