Edmonton Business Consultant | Get On Board With Stopping Fraud

Think about the statement that you made in terms of Edmonton business consultant’s concern about fraudulent behaviour from within their company.

You are definitely going to want to do a potential inside audit to make sure that all of your security measures are well taken care of in terms of fraud, and a lot of negative and nefarious behaviour from within the company, and your coworkers.

Edmonton business consultant says first of all, it is common courtesy and common knowledge that you shouldn’t ever change or share credit card credentials with anybody. You likely obviously do this personally. Now you have to do it professionally as well. Your business owner, if in fact it is needed credit, should give you that credit card. However you are potentially responsible for that credit card. You should not handle the credit card as another coworker that may be free to do some things when you are busy that day. The responsibility is on you if that credit card goes missing, or agile any fraudulent charges are put on that card.

Think about it, says Edmonton business consultant. Just because you are paying a corporation, doesn’t necessarily mean the Corporation is a legitimate business. You’re going have to know where and who these payments are coming from and going to. If you legitimately haven’t recognized a proper specific name on the cash disbursements, you’re going to have to go through all of the EFT providers and not your checks. That is going save you a whole bunch of time, and a whole bunch of energy so that you can concentrate on other parts of your business.

You legitimately no longer have any petty cash, nor do you need it. Everybody in the New World, except debits and credit cards, that is now the way of the financial world. It’s not often that you are going to be able to or want to handle cash. However, what ends up happening is credit cards can be a little bit old-school, and cumbersome as well. You don’t necessarily want everybody on your team to carry a credit card on your behalf or under your professional name.

You can awesome get up read only access and agent access. They’re going to see all of the activity from within your credit and your debit cards to make sure that everything is on the up and up. They can help with bookkeeping, and reconciling accountants. They can’t disperse a lot of cash.

You’re going to have to think about doing a lot of things in person or by phone with your charter professional accountant. Do not rely on Twitter, Facebook, or even text messaging, to get your point across in terms of your charter professional accountant. You’re going have to engage in very direct, efficient conversation with your charter professional accountant.

What you end up happening, is you should be thinking about a lot of questions coming into that meeting.

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Often times what happens, says Edmonton business consultant, is a lot of business owners make the almost fatal mistake of only having one person in charge of the accounts and the bookkeeping and filing. The system that nobody else is familiar with is going to be used by that person, and they have records that are legitimately going to be in place, or organized.

Having for bid that particular one accountant or one caretaker of the files goes on holidays or is sick for a day. All of a sudden money is gone missing and you don’t necessarily know how to track it or what to do with it because the one person is away.

There is a definite auditing one-on-one procedure that you can put forward onto your business, says Edmonton business consultant. If there is only one person in charge before you do an audit, you’re going to be looking at the risks of a particular entity from within that business. It is easier for them to get away with it in terms of not being able to find it as it is buried. A lot of business owners think that they don’t have another choice but to only use one particular bookkeeper or accountant for their business. And that is it. However, outsourcing can definitely have multiple people involved and as well it can certainly be cheaper than one full-time staff member.

If you do it in-house you have the risk of that one person running the accounting rate that can be deadly to your business.

Instead of using checks, make sure that you at least research and potentially retain for your small business and EFT processor. No one are going no one is then going to be able to make a check, sign it and simply just cash it.

For example, what ended up happening a few years ago, is a bank in Canada, Toronto Dominion Bank, had a big problem with checks being cash twice. That is a lot of money that they temper that rarely lost. And are not going to be able to get back.

If you have an EFT funds provider, you are going to be able to transfer those funds very easily from a corporate account to an EFT funds provider.

As well, consider all of your payroll and payables as well, says Edmonton business consultant. The good outsource accountants are going to be able to set all of this out for you so that you are going to be able to work on it and it can be part of your system in order to save you time. All of your payroll payrolls will get totalled. And that amount will get transferred from your bank account to a trust account.

With an EFT provider, you’re no longer going to be able to have hundreds of cash disbursements per month. This cash disbursement will now continue every two weeks, and there will only be one or two of them.