Is Your Puerto Rico Business Exposed? Why Accounting Internal Controls Matter

Whether you run a consulting firm in San Juan, a neighborhood retailer in Ponce, a healthcare practice in Mayagüez, or a growing company with clients across Puerto Rico and the U.S., the risk is real. Fraud, mistakes, and compliance failures can leave your business exposed, often without warning.

You don’t need to be a big corporation to be a target. Today’s threats are real for everyone.

Fraud and Mistakes: Are You at Risk in Puerto Rico?

Here’s what business owners are facing right now:

• According to the latest Association for Financial Professionals 2025 Payments Fraud & Control Survey, 79% of organizations were victims of payments fraud in 2024.

  
  

• A Nacha summary of the AFP survey reports that 63% of organizations faced check fraud in 2024.

  
  

• Research from major consultancies shows more than 40% of organizations globally have reported fraud or economic crime in recent years.

  
  

It’s not just about the money either. The PwC Global Compliance Survey 2025 points out that the growing maze of compliance rules is now one of the biggest obstacles to growth.

You can always read our blog for more insights on trends impacting Puerto Rico businesses.

Why Accounting Internal Controls Matter More Than Ever

It doesn’t matter if you’re a sole proprietor or managing multiple locations. Fraud, errors, and compliance failures can hit anyone, leaving your business exposed. The methods are getting smarter and more sophisticated. AI-powered scams, deepfakes, and business email compromise are all real threats.

According to the U.S. Federal Trade Commission, consumer fraud losses in the United States reached $12.5 billion in 2024. That’s a 25% jump from the prior year. Businesses in Puerto Rico are seeing the same trends.

How Smart Internal Controls Protect Puerto Rico Companies

The good news? You don’t have to live in fear or micromanage every detail. The right internal controls are designed to quietly safeguard your cash, your team, and your reputation. They catch problems before they become disasters.

If you want to see the difference, explore our services for Puerto Rico businesses.

Accounting Internal Controls Checklist for Puerto Rico Businesses

No jargon. No industry limits. Use this checklist to start closing the gaps:

• Split up responsibilities: Don’t let one person handle an entire process without a second set of eyes.

  
  

• Track every step: Record who did what, when and why, for payments, approvals and adjustments.

  
  

• Limit access: Regularly review and update who can see or change sensitive financial information.

  
  

• Review your numbers often: Monthly or quarterly check-ins catch issues before they snowball.

  
  

• Document every payment: Keep supporting records for every transaction, from vendor bills to payroll.

  
  

• Make monitoring a habit: Run regular spot checks so controls are followed, not just written down.

  
  

• Update after change: Any big shift, like new locations, new staff, or new services, means it’s time to review your control setup.

  
  

• Train your team: Ensure everyone knows the rules and why they exist.

  
  

• Keep a clear paper trail: Good documentation protects you from headaches with auditors, regulators, or even staff.

  
  

• Encourage questions and whistleblowing: Let your team know it’s safe to speak up or flag odd activity.

Puerto Rico Compliance: Close the Local Gaps

If you operate in Puerto Rico, take these additional measures:

• Stay up to date on SURI, CRIM and Act 60 (Ley 60) requirements: Rules change fast, so set calendar reminders for key filings.

  
  

• Keep all entity records current: Annual reports, permits, and certificates of good standing matter more than you think.

  
  

• Don’t be afraid of outside review: A professional assessment can catch what busy internal teams might overlook, especially if you manage incentives or tax decrees.

The New Reality: Don’t Leave Your Business Exposed

Experts agree: strong accounting internal controls are no longer optional. With compliance complexity rising, internal-control functions are under increased pressure.

And according to the same compliance survey, more than 80% of executives believe that effective compliance and risk management can actually drive growth, not just prevent losses.

Ready to Protect Your Business?

Don’t wait for an audit, a surprise loss, or a compliance penalty to find out you’re exposed. Whether you’re just starting to delegate, scaling up, or managing a complex operation, the right accounting internal controls keep you safe and focused on growth, not just putting out fires.

Want a fast, expert review of your processes? Our team specializes in helping Puerto Rico businesses across every industry close their gaps and build strong, practical internal controls that stand up to today’s risks. Contact Us for a Free Consultation and take the first step toward protecting your business.

FAQs About Internal Controls

Q1: What are accounting internal controls and why are they important for businesses in Puerto Rico?

A: Accounting internal controls are the policies and procedures that protect your company’s financial data, reduce the risk of fraud or errors and help you comply with Puerto Rico’s business regulations. They ensure your records are accurate and only authorized staff can approve transactions or access sensitive information.

Q2: How can accounting internal controls help prevent fraud in my Puerto Rico business?

A: Effective internal controls, like dividing financial duties, tracking approvals, and monitoring payments, make it much harder for fraud or theft to go undetected. These controls catch mistakes early and discourage dishonest activity, protecting your business and your reputation.

Q3: What are the most common compliance mistakes Puerto Rico businesses make with internal controls?

A: Common mistakes include letting one person handle all accounting tasks, not keeping records up to date, failing to review access permissions regularly, or not staying current with SURI, CRIM, and Act 60 requirements.

---

Author Profile

Hector Cortés

Héctor is an experienced audit professional based in Puerto Rico with a background in accounting, finance and business analytics. He has spent years helping organizations strengthen their internal controls and manage financial risk with confidence.