2 min read
The essentials
Separate the person who initiates a payment from the person who approves and reconciles it. Require two approvers above a threshold. Reconcile the bank at least weekly and review management accounts monthly to catch problems early.
Why it matters for borrowing
Clean controls produce reliable figures, which underwriters trust, and they cut fraud and error losses that would dent affordability. Good governance quietly strengthens every future finance conversation.
What it means for you
Credicorp lends to your company, not to you personally, and takes no personal guarantee. See business loans or apply online.
Frequently asked questions
What is separation of duties?
Splitting a task so no one person controls it end to end — for example, the person who raises a payment is not the one who approves and reconciles it. It is the cornerstone control against fraud and error.
How does this help me borrow?
Reliable controls mean reliable figures, which underwriters trust, and they reduce losses that would otherwise weaken your affordability.
Related reading
How do I reduce payment fraud in my business?
Dual authorisation, call-back verification of new payees, and clear limits on who can move money block most…
Read →
How often should I review management accounts?
Review management accounts monthly if you can — it catches cash-flow and margin problems while they are still…
Read →
Why should I separate my banking and borrowing?
Keeping your borrowing separate from your main current account stops one provider being able to offset your…
Read →What insurance should a small limited company have?
Employers’ liability is a legal must if you have staff; public liability, professional indemnity and business…
Read →Funding for UK limited companies
Credicorp lends to your company, not to you personally — short-term working capital with no personal guarantee. See what your business could access.