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Business consultant can’t wait for the day that they are going to be able to card aft and dishonesty within small businesses!
Checks can definitely be an issue and something that should be looked out upon with small businesses in terms of a lot of theft. You must, according to business consultant, consider checks as you would cash. Keep them safe and make sure that they are not out in the open for people to steal them. Instead of using the checks, as a matter fact why don’t you get an EFT processor. An EFT processor or an electronic funds transfer processor, is a processor that no one can just take a check, sign it and cash it.
What happen one time is in a Toronto Dominion Bank, in Canada, they had a big problem with checks being cashed twice. No one knows of this has since been remedied are not but we believe it has been however they have lost a lot of money.
If you have any FT funds provider, you’re gonna be able to transfer all of those particular funds into and from a corporate account. That corporate account is going to bleed into an EFT funds provider for all of your payroll and payable needs.
The good outsource accountants are going to be able to set this up for you so that you’re going to have absently no problem in accessing it at any given time.
As well, you’re no longer going to have hundreds of cash disbursements per month. With an EFT provider, you are just basically going to have one car may be to of these disbursements biweekly. That is going to make it so much easier for you to follow a paper trail, and understand that there may potentially be the better way to understand and follow the processes with which you are going to be able to look for a lot of the right processes for cash disbursement.
You gotta put the controls in place so that the money is disbursed at a certain specific time. Reduce the number of transactions that are legitimately appearing on that particular statement.
It is something that legitimately has to be thought about and considered in terms of a lot of theft, and internal discussions with certain people.
As well, says business consultant, make sure that you have if only one accountant in your firm, make sure that you have somebody that is going to oversee the particular accountant. That could ideally be you. If you are not too busy. However if you are too busy, make sure that you are going to talk to somebody that you legitimately trust so that there is not going to be any discrepancies in cash, wage, etc.
A good idea would be for you to do a set usual audit once every two weeks or the very least once a month. It doesn’t have to be a legitimate audit, just take a very quick look as best as you can to see that all payments are being put forth properly.
In talking about the only way to curb theft, business consultant says that you’re going have to have a very big conversation with a lot of the people that you trust within your small business.
You’re going to have to have not a lot of cash on the premises, instead what you can do is you can get a credit card for the business and have one person simply have access to that specific credit card. What you can do is you can simple just put a limit of $500 on it so that if it in fact goes missing, or if it does get stolen, you are not out thousands of dollars.
As well, with that credit card, make the onus or the responsibility on the person that you have entrusted it to. And as well, make that person aware that they cannot give it out to any other coworkers that it is just for them. If a coworker needs something from outside, such as supplies, etc. Make sure that the coworker specifically tells you and you yourself the person that you have entrusted to will go and get it on behalf of that particular coworker.
Business consultant also says that the same can be said for a debit card as well. Make sure that you just have one debit card for the whole team, and all of that can be taken well care of as well.
Sometimes in business, you’re going to get into a lot of financial trouble because of the particular thrusts and ebbs and flows of the market. As well, another problem would be that there is a lot of competition within your particular industry or your particular market. Do be careful as well that you may make bad business decisions that will prompt you to lose your business. That is why you retain a charter professional accountant so that you have negated a lot of those chances of making bad business decisions.
However, what you definitely should not at all have any problem with is you’re not going want to run of the cash because of a fraud issue those can be very easily many gated and dealt with.
Business consultant also states the fact that entrepreneurs from far and wide can believe in this myth all they want to, however it is in fact just a legitimate myth the banks don’t legitimately check the signatures when you do come in and sign off for a deposit or a withdrawal. They will tell you that they check them, but they check them so sporadically that they may as well not even check them at all.
So what that means is they do not have any sort of cross-referencing from your signature to the signature that you have just given them upon your latest visit. You’re going to need to look at checks as though they were money and take very good care of them.
