I've repeatedly heard the advice (from successful business owners) to not give up direct control over the company finances. It seems that enough founders out there have been burned by seemingly trustworthy employees effectively stealing money or making financial decisions that were quite detrimental to the company's long-term position.
How have you structured your organization so that the above won't happen but also allowed you to achieve some level of delegation? Or, are most small business owners still the ones up late at night working entering data into Quickbooks and generating invoices?
I know that some small firms go the spouse/family route, as a way to involve individuals in running the business that are (hopefully) more trustworthy. Not a bad strategy, but certainly not an option for many/most.
I'd love to hear details as specific as you're willing to provide (i.e. roles, responsibilities, reporting, checks/auditing, etc.), especially as the solution will probably be different for companies just starting out versus ones that have reached a decent amount of growth.
Thanks for your input!