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Internal Controls and Governance Processes for UK SMEs

Practical finance controls that protect cash, improve reporting quality, and reduce risk. Led by an ICAEW Chartered Accountant, supporting UK and global businesses.

Internal Controls and Governance Processes

Practical internal controls that protect cash, improve reporting quality, and reduce risk. Built for founder led businesses, scale ups, and established groups.

Consult EFC designs and implements finance controls, governance cadence, and policies that your team will actually follow. Led by an ICAEW Chartered Accountant with Big Four and corporate finance experience. UK and global support.

Controls review Governance design Policies and procedures Month end close
Book a Controls Review Call See the Workstreams

Why internal controls matter

Internal controls and governance processes reduce errors, prevent leakage, and improve accountability. They also make audits, fundraising, lender reporting, and transactions easier because the numbers are supported by process.

Where we focus first

Cash and payments

Approval limits, payment runs, supplier validation, access control.

Month end close

Close calendar, reconciliations, review sign offs, evidence pack.

Reporting governance

KPI definitions, MI pack standards, cadence, ownership.

Access and permissions

User roles, approvals, segregation of duties, periodic reviews.

Internal controls and governance workstreams

A structured approach that improves control without creating bureaucracy.

Area What we deliver Outcome
Controls review Review of approvals, payment controls, access rights, reconciliations, and risk points. A clear prioritised plan to reduce risk quickly.
Policies and procedures Purchasing, expenses, delegated authority, and finance procedures documented clearly. Consistency across teams and fewer key person dependencies.
Payment controls Payment run process, segregation of duties, supplier checks, and banking control points. Lower fraud risk and fewer payment errors.
Month end close governance Close calendar, reconciliation pack, review sign offs, audit trail improvements. Faster close and reporting you can defend.
Reporting governance MI pack structure, KPI definitions, variance standards, cadence and ownership. Better decisions built on trusted reporting.
Systems and access controls Role based permissions, access reviews, and control points inside workflows and tools. Reduced risk from inappropriate access.

What you receive

Controls and governance built to fit the size of your business. The aim is control and clarity, not red tape.

Deliverables

  1. Prioritised control gaps and risk register.
  2. Approval matrix and delegated authorities.
  3. Month end close checklist and reconciliation pack.
  4. Reporting templates and KPI definitions.
  5. Policies and procedures pack your team can follow.

Common weaknesses we fix

  1. Payments approved without clear authority limits.
  2. Weak segregation of duties between purchasing and payment.
  3. Missing reconciliations and inconsistent close.
  4. Over permissioned access in finance systems.
  5. Undefined KPI definitions and unclear ownership.

Internal controls FAQs

What are internal controls in finance?

Internal controls are the processes and checks that reduce error and risk. Examples include approval limits, segregation of duties, reconciliations, and review sign offs for reporting.

Do I need governance processes if I am not a large company?

Yes. Smaller businesses often carry higher key person risk. Clear governance improves accountability and reduces dependency on individuals. Governance can be light touch and still effective.

Can you implement controls without creating bureaucracy?

Yes. The aim is clarity and accountability. We implement the minimum effective controls, supported by simple checklists and clear ownership.

Do you support clients outside the UK?

Yes. We support UK and international clients. Much of the work can be delivered remotely, depending on systems and stakeholders.

Want stronger controls and cleaner reporting?

Book a call to discuss your finance processes, internal controls, and governance priorities.

Confidential discussion. Partner led.

Governance Audit

Secure Your Financial Foundations

Is your cash protected by process or just by luck? Spend 30 minutes with Kish Patel to identify critical control gaps in your payment cycles, month end close, and reporting governance.

✔ Leakage Detection: Spot where cash or margin is exiting the business via weak approvals.
✔ Audit Readiness: Ensure your reconciliations and governance stand up to external scrutiny.

Partner led review for UK and global SMEs. We focus on practical safety: not unnecessary red tape.

ICAEW Chartered Accountant Internal Controls and Governance
ICAEW Chartered Accountant

Why Businesses Choose Consult EFC for Internal Controls

Consult EFC helps businesses strengthen internal controls and governance processes so finance is reliable, cash is protected, and reporting is consistent. This work is led by an ICAEW Chartered Accountant with experience across the Big Four, investment banking, and corporate finance.

The approach is practical. We focus on the minimum effective controls that reduce risk without slowing the business down. That includes payment approvals, month end close governance, reporting standards, and clear ownership across the finance process.

Control

Clear approval routes, segregation of duties, and an audit trail that protects cash and reduces avoidable risk.

Consistency

Reliable month end close, reconciliations, and reporting standards so the numbers stand up to scrutiny.

Governance

Defined roles, responsibilities, and review cadence so decisions are based on trusted information.

Book a controls review call

Related Finance and Governance Services

Internal controls work best when combined with strong financial leadership, reporting discipline, and transaction readiness.

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