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Business consultant says that just because you’re going to be paying a corporation you must be careful and use logic as not all corporations operate on proper ethics and morals.
As well, says business consultant, make sure that you talk about your credit card credentials only with one other trust person within your business. You’re not going necessarily want to use cash as petty income or petty cash for your business, so the best idea would potentially be to get a credit card for the regular upkeep of your brick and mortar establishment.
What you can do is you can find one trusted person and you can give that person and only that person access to the credit card with only a $500 limit on it. If in fact you find out that this person is less than honest and trustworthy, at least you were only down a couple of hundred dollars. That doesn’t allow you to lose thousands in cash potentially.
As well, which can do is you can also get a separate debit card and give it to yet another person. You can offset and go in between the credit card holder in the debacle holder and they can take turns.
Instead of using a lot of checks, which must be taken care of and be guarded against. You’re going to have to deal with in EFT processor which is a very good idea. An EFT processor is a processor which can take care of checks, signed him and make sure that they are deposited within certain accounts. You’re to be able to transfer those funds from a corporate account to an EFT fund provider. That is for all of the payroll and the payables.
As well, good outsource accountants, can set all of those businesses up in a day. And all of the stuff that you’re going to be dealing with such as longer than hundreds of cash disbursements will be a thing of the past.
Now, says business consultant, you only have one or two cash disbursements every couple of weeks. That is far easier to deal with and to be able to weed out any unscrupulous activity from within the act the accounts then would be if you had to go through hundreds of discrepancies and disbursements.
That is going to definitely reduce the number of transactions that are appearing on the statement as well. That way, any fraudulent transactions are going to be easy to identify and the person is going to be weeded out.
As well, be careful as inflating hours, and wage can also be very harder to get very hard to catch in terms of fraud from within a business as well. Also payroll remittances can definitely be harder to catch in particular.
You are eventually going to get a lump sum payment going to the Canada revenue agency and make sure that you are checking individual pay stubs as well for unscrupulous and unwarranted behaviour and activity. They are the simple steps that can keep you from losing her business.
Helping to deal with a lot of the decisions from within your small business is very much a great idea, says business consultant. In terms of dealing with certain corporations and certain dealings within the Corporation.
What is definitely in a good idea in terms of completing hours and wage can be making sure that you have the fundamentals and the processes in place in order to catch the unscrew business people.
You’re going to be able to set up read-only access and agent access files, and processes that can see all of the activity within your debit and your credit card. Make sure that there is one debit and credit card for your expenses from within your business. As well, you can only designate one or two people at most that are able to use that credit card.
That way, assures business consultant, if you only have two people using the credit card and there are some unscrupulous transactions within that credit card, you only have one of two people that you’re going to definitely need to weed out. It the same goes for the debit card as well.
Make sure that on the debit and credit card they only have a balance of $500 so that you’re not losing a lot of money if in fact there is some people that are not honest. That way would be so much easier and you won’t be losing a lot of money.
Business owners have one person in charge of the account and they definitely are going to have a filing system that nobody else is going to be familiar with and they’re not going to have to be able to answer to anybody so are not can be changing the system.
However, warrants business consultant, what happens if that particular person has the week off for holidays, or is sick that particular day, etc. Then you’re going to have a filing system that nobody is going to be able to access or even get into for that matter.
It is essential for their it least to be to people that are responsible for bookkeeping and accounting within a small business. That way what can happen is one person can be accountable to the other and vice versa. As well, what you both can do is you both can develop a system with which is going to be accessible to both people so if one person is gone, the other person is very easily and readily going to be able to access it.
Often times what you might have to do is you might have to do a little bit of auditing one-on-one. For example, if there’s only one person in charge before you do an audit on that particular entity, you’re going to be looking at the risks of that entity altogether. If there is only one person in charge before you do an audit, you are going to potentially run into some very unfavorable numbers.
