1.1 To conquer this weakness, several methods could be used. Firstly, more staff need to be trained in completing the bank reconciliations so that more than one person is capable of completing it should the Accounts Manager have different priorities. An alternative option is that the company employ another trained member of staff which would be advantageous to bring more experience to the business and makes the process of completing the bank reconciliation easier as there would be two people that the job could be completed by. This would then hinder unprofessional actions being taken such as leaving the information accessible to anyone, or altering the cash book furthermore, preventing more serious issues in the future as any staff completing …show more content…
Firstly, and most simply a company rule could be introduced where any employee accepting a deposit from a customer must be required to sign their name and signature alongside the customers and the date so it can always be tracked back to the correct person and disciplinary action could be issued when necessary, such as when the money is not banked on time. Another method in amending this weakness is a higher quality of training so they understand the consequences of mishandling money and are therefore less prone to doing so in the future. Finally, one of the easiest ways of making sure all deposits are banked appropriately is prohibiting cash deposits and only allowing them to be paid by credit card or cheque into one bank account kept specifically for deposits. This removes the employee from the process between the money leaving the customer and being accepted by the business, abolishing the chance of human error. This method, although being cheaper than training the employees and more efficient and faster than requiring written paperwork, may have its drawbacks as customers that are accustomed to paying by cash or find it more accessible will then have to use the new method to pay their