ORGANIZATION OF INTERNAL CONTROL OF RECEIVABLES IN COMMERCIAL ENTITIES
Keywords:internal control, receivables, control stages, control procedures, internal control assessment, management of receivables
The current economic instability negatively impacts on the financial sustainability and solvency of commercial enterprises. We can observe an increase in receivables, an increase in cash gaps, a need to raise debt, and, as a result, the financial condition of organizations is deteriorating. As a result, a need for internal control of receivables arises, which reduces financial risks and increases the financial sustainability of businesses. The author developed an integrated algorithm for the construction of the system of internal control of receivables, which includes three main stages: organizational and preparatory stage, internal control stage, and the stage of evaluation of the effectiveness of the internal control system. The proposed activities of the organizational and preparatory stage will create a legal and regulatory basis in the commercial organization for the organization of internal control of receivables and the system of motivation of the personnel involved in the business. They take into account the peculiarities of the enterprise management system, the scale of its activities, and the volume of document circulation. For the internal control phase, the author identified, grouped, logically structured, and described the procedures for the preliminary, current, and subsequent monitoring of receivables in commercial organizations. The authors prepared the examples of documents to enable internal control and claim management of the timeliness of accounts receivable payments, as well as to obtain operational information for management decisions on the collection of receivables. The stage of assessment of the internal control system includes methods and techniques to identify weaknesses in the internal control system and to adjust its performance. The proposed integrated approach to the organization and implementation of internal control makes it possible to respond promptly to the risks of receivables, to take measures to eliminate them, and to manage receivables most efficiently.
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