Payment approvals that fit a twelve-person firm
Controls should match headcount. Here is a proportionate approach to who can authorise what without slowing every purchase.
Corporate approval matrices look impressive and often gather dust in a twelve-person company. Financial controls still matter; they simply need a scale that matches how you buy.
Two pairs of eyes above a threshold
Pick a pound amount that would hurt if spent twice by mistake. Below it, a single manager may approve. Above it, a second person — often the director — confirms before payment leaves. Write the number down; do not keep it as folklore.
Separate setup from release
The person who adds a new supplier’s bank details should not be the only person who can release payment to that account. Even in a small team, a same-day verbal check with a director closes a common gap.
Reconcile on a fixed day
Choose a weekday for bank reconciliation and protect it. Irregular reconciliations are where duplicate payments and forgotten direct debits hide.
A financial controls review can pressure-test whether your current habits match your risk — without importing a handbook written for a plc.