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Business consultant wants you to guard against potential fraud that is happening within your small business. However, what this means is this means that you have to make a concerted effort to make time to vent fraud within your small business. The onus is potentially on you.
Business consultant says that there are a lot of things that you can potentially do to make sure that everybody is in a proper and honest search for your small business to become profitable, and successful.
The first thing that you can do, says business consultant is the fact that a lot of business owners only have one person in charge of the accounting and they have a filing system that no one else is legitimately familiar with. You have records that may or may not as well be up-to-date and finished as well.
So, all of a sudden, money is going missing and you have no idea what to do. A great way to do and mitigate against this problem is the fact that you can have two people in charge of the accounting and the bookkeeping. What the one person can do is keep the other person honest. What the other person can do, is make sure that that one person is doing their due diligence to keep everything clean, tidy, organized, and can always look over their work so that they can get all the numbers right in order for the small business owner to work well and make prudent decisions based on those numbers.
As well, what is definitely going to be able to happen is an audit, but you can self-audit.
What this means, is if there’s only one person in charge before you do an audit, those numbers might necessarily be a little bit skewed. It is easier for them to get away with it. A lot of the business owners think that they don’t have any other choice but to have this particular small business owner, or charter professional accountant. However, outsourcing can have multiple people involved and they can also be cheaper than the cost of one particular and honest staff member. If you do it in-house, you have the risk of that one person running the accounting altogether.
There is definite entrepreneurial issues when it comes to a lot of the idiosyncrasies from within small business. There is a myth that happens that if you go to the bank on behalf of your business, and you need to sign something. They don’t even look or cross-reference your signature to see if it is actually you that is that particular person. As well, what happens is it is so sporadic that they is may may as well not check them at all. You’re going to need to look at certain checks like cash. They should be under lock and key. They are the single biggest risk of fraud in most small businesses as well.
Business consultant needs you to understand that there are read-only access mediums, and agent access mediums where you are going to be able to see all of the activity from within your debit and your credit card for your business. They’re going to be able as well to help with bookkeeping, reconciling a lot of accounts, but they’re not going to be able to disperse cash, withdraw any cash, use the credit card for obviously any personal expenses, etc.
Business consultant says that inflating hours, and wage can be even harder to catch. Also, payroll remittances can definitely be harder to catch as well. Then you’re going have a big light lump sum payment going to the Canada revenue agency.
That is not necessarily a great idea, so make sure that you are checking individual pay stubs.
Not only can that get the employee in trouble, but that can also get you, the small business owner in trouble by triggering an audit.
That legend gently can’t be used for a lot of transactions in terms of what they may or may not be able to retain and by.
Make sure you are able to do it in person or legitimately by phone. It is so much quicker than what you’re just going to engage in with inefficient condo after or completely avoid the conversation. That is a needs to happen and you should have a lot of questions when you do that your charter professional accountant once a month at the very least. After all of the questions have been answered to your satisfaction, make sure that you are discussing all of the different variances from within your business from the last month, and even before that. As well, those variances can go into the next month and the foreseeable future as well. They may or may not be very important for the stability and the profitability of your business.
And then finally what you can do with your charter professional accountant, with that to our potential meeting at each and every month is you can figure out exactly how you’re going to make money that month, or for the foreseeable future. Have a business plan and a financial plan that is going to allow you to figure out exactly how you’re going to get businesses, on board with your company.
Business consultant says that just because you’re paying a corporation, does not mean that corporation is necessarily a legitimate and honest Corporation for you and will not try and sell you short period year going to have to know who those payments are going to.
If in fact you don’t necessarily recognize a name, or where the payments are going to or coming from, that may be a very good sign that something nefarious is happening and you’re going to have to do your due diligence in order to check it out. Consider using an EFT Monitor, or an electronic funds transfer monitor for all of your checks.
