Implementation of Internal Control in Recording Inventory at CV Madona Ponsel
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Abstract
This study aims to analyze the implementation of internal control in the inventory recording system at CV Madona Ponsel. The research was conducted to identify the effectiveness of the company's internal control procedures, especially in the use of stock cards, hybrid recording methods, and verification processes for incoming and outgoing inventory. A qualitative descriptive method was applied, with data collected through interviews, observations, and documentation. The results revealed that the company has implemented internal control elements such as authorization, separation of duties, supervision, and stock reconciliation. However, weaknesses were found in documentation consistency, the absence of computerized integration, and reliance on manual stock cards, which often leads to delays, errors, and discrepancies between physical stock and recorded stock. The study concludes that although the internal control system is generally effective, it requires improvement in record accuracy, supervision mechanisms, and technological adoption to prevent errors and fraud. Strengthening internal control is essential to maintain inventory accuracy, support operational efficiency, and ensure reliable financial reporting.
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How to Cite
Mendrofa, E. W., Zebua, S., Bate'e, M. M., & Zai, K. S. (2025). Implementation of Internal Control in Recording Inventory at CV Madona Ponsel. ProBisnis : Jurnal Manajemen, 16(06), 2030–2037. Retrieved from https://ejournal.joninstitute.org/index.php/ProBisnis/article/view/1295
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Thottoli, M. M., Islam, M. A., Ahsan, A., Yusof, M. F., Hassan, M. S., & Chowdhury, R. S. (2024). Exploring mediating and moderating factors of FinTech adoption for innovations in SMEs. Cogent Economics and Finance, 12(1). https://doi.org/10.1080/23322039.2024.2387443
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Xiang, D., Zhang, Y., & Worthington, A. C. (2021). Determinants of the use of fintech finance among chinese small and medium-sized enterprises. IEEE Transactions on Engineering Management, 68(6), 1590–1604. https://doi.org/10.1109/TEM.2020.2989136
Abbasi, K., Alam, A., Du, M. (Anna), & Huynh, T. L. D. (2021). FinTech, SME efficiency and national culture: Evidence from OECD countries. Technological Forecasting and Social Change, 163(May 2020), 120454. https://doi.org/10.1016/j.techfore.2020.120454
Alaassar, A., Mention, A. L., & Aas, T. H. (2020). Exploring how social interactions influence regulators and innovators: The case of regulatory sandboxes. Technological Forecasting and Social Change, 160(November 2019). https://doi.org/10.1016/j.techfore.2020.120257
Alaassar, A., Mention, A. L., & Aas, T. H. (2022). Ecosystem dynamics: exploring the interplay within fintech entrepreneurial ecosystems. Small Business Economics, 58(4), 2157–2182. https://doi.org/10.1007/s11187-021-00505-5
Alkhawaldeh, B. Y., Alhawamdeh, H., Al-Afeef, M. A. M., Al-Smadi, A. W., Almarshad, M., Fraihat, B. A. M., Soumadi, M. M., Nawasra, M., & Alaa, A. A. (2023). The effect of financial technology on financial performance in Jordanian SMEs: The role of financial satisfaction. Uncertain Supply Chain Management, 11(3), 1019–1030. https://doi.org/10.5267/j.uscm.2023.4.020
Aminy, M. M., & Mas’ud, R. (2023). Financial technology amid the COVID-19: a bibliometric approach. Quality - Access to Success, 24(192), 285–292. https://doi.org/10.47750/QAS/24.192.33
Arner, D. W., Buckley, R. P., Zetzsche, D. A., & Veidt, R. (2020). Sustainability, FinTech and Financial Inclusion. European Business Organization Law Review, 21(1), 7–35. https://doi.org/10.1007/s40804-020-00183-y
Babaei, G., Giudici, P., & Raffinetti, E. (2023). Explainable FinTech lending. Journal of Economics and Business, 125–126(June), 106126. https://doi.org/10.1016/j.jeconbus.2023.106126
Belozyorov, S., Sokolovska, O., & Kim, Y. S. (2020). Fintech as a precondition for transformations on global financial markets. Foresight and STI Governance, 14(2), 23–35. https://doi.org/10.17323/2500-2597.2020.2.23.35
CHEMMANUR, T. J., IMERMAN, M. B., RAJAIYA, H., & YU, Q. (2020). Recent Developments in the Fintech Industry. Journal of Financial Management, Markets and Institutions, 8(1), 1–31. https://doi.org/10.1142/S2282717X20400022
Efimov, E., Koroleva, E., & Sukhinina, A. (2021). Competitiveness in the FinTech Sector: Case of Russia. International Journal of Technology, 12(7), 1488–1497. https://doi.org/10.14716/IJTECH.V12I7.5342
El Gohary, E. (2019). The impact of financial technology on facilitating e-government services in Egypt. Journal of Distribution Science, 17(5), 51–59. https://doi.org/10.15722/JDS.17.5.201905.51
Emara, N., & Zhang, Y. (2021). The non-linear impact of digitization on remittances inflow: Evidence from the BRICS. Telecommunications Policy, 45(4), 102112. https://doi.org/10.1016/j.telpol.2021.102112
Gancarczyk, M., Łasak, P., & Gancarczyk, J. (2022). The fintech transformation of banking: Governance dynamics and socio-economic outcomes in spatial contexts. Entrepreneurial Business and Economics Review, 10(3), 143–165. https://doi.org/10.15678/EBER.2022.100309
Gao, J. (2022). Has COVID-19 hindered small business activities? The role of Fintech. Economic Analysis and Policy, 74, 297–308. https://doi.org/10.1016/j.eap.2022.02.008
Karaman, H. D., Savaser, T., Tiniç, M., & Tumer-Alkan, G. (2021). Financial technology in developing economies: A note on digital lending in Turkey. Economics Letters, 207, 110012. https://doi.org/10.1016/j.econlet.2021.110012
Kostin, K. B., Fendel, R., & Wild, F. (2022). Comparing the Situation of FinTech Start-Ups in Russia and Germany through Equity Investments. Economies, 10(2), 1–19. https://doi.org/10.3390/economies10020033
Krah, R., Tetteh, L. A., Boateng, A., & Amankwa, R. F. (2024). Financial technology adoption among small and medium enterprises in Ghana. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2321786
Lontchi, C. B., Yang, B., & Shuaib, K. M. (2023). Effect of Financial Technology on SMEs Performance in Cameroon amid COVID-19 Recovery: The Mediating Effect of Financial Literacy. Sustainability (Switzerland), 15(3). https://doi.org/10.3390/su15032171
Marjudi, S., Setik, R., Ahmad, R. M. T. R. L., Hassan, W. A. W., & Kassim, A. A. M. (2023). Utilization of Business Analytics by SMEs in Halal Supply Chain Management Transactions. International Journal on Informatics Visualization, 7(2), 407–415. https://doi.org/10.30630/joiv.7.2.1308
Nguyen, D. D., Dinh, H. C., & Van Nguyen, D. (2020). Promotion of fintech application for the modernization of banking-finance system in Vietnam. Journal of Asian Finance, Economics and Business, 7(6), 127–131. https://doi.org/10.13106/JAFEB.2020.VOL7.NO6.127
Ningrat, R. G., & Nurzaman, M. S. (2019). Developing Fintech and Islamic Finance Products in Agricultural Value Chain. Journal of Islamic Monetary Economics and Finance, 5(3), 491–516. https://doi.org/10.21098/jimf.v5i3.1077
Papadimitri, P., Pasiouras, F., & Tasiou, M. (2021). Financial leverage and performance: the case of financial technology firms. Applied Economics, 53(44), 5103–5121. https://doi.org/10.1080/00036846.2021.1915949
Tan, G. K. S. (2022). The “fintech revolution” is here! The disruptive impact of fintech on retail financial practices. Finance and Society, 8(2), 129–148. https://doi.org/10.2218/finsoc.7763
Thottoli, M. M., Islam, M. A., Ahsan, A., Yusof, M. F., Hassan, M. S., & Chowdhury, R. S. (2024). Exploring mediating and moderating factors of FinTech adoption for innovations in SMEs. Cogent Economics and Finance, 12(1). https://doi.org/10.1080/23322039.2024.2387443
Widyastuti, M., & Hermanto, Y. B. (2022). The effect of financial literacy and social media on micro capital through financial technology in the creative industry sector in East Java. Cogent Economics and Finance, 10(1). https://doi.org/10.1080/23322039.2022.2087647
Xiang, D., Zhang, Y., & Worthington, A. C. (2021). Determinants of the use of fintech finance among chinese small and medium-sized enterprises. IEEE Transactions on Engineering Management, 68(6), 1590–1604. https://doi.org/10.1109/TEM.2020.2989136