Write a memo on how LS Ltd can improve its revenue and cash collection process. Identify the steps involved and who should be performing the task. Include at least five internal controls and explain how each of these controls helps reduce risks.

For simplicity, assume that:

The company cannot hire more people.

It does not give credit to customers.

The customers pay for the items and take them home immediately (no shipment)

LS Ltd is a small retail shop that sells children's toys. The owners recently hired a graduate and asked him to prepare a flowchart depicting the company's sales and collection process. Here is his first attempt