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E-Myth – “Why most small businesses don’t work & what to do about it”

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Edmonton Business Consultant | Getting To Know Me And You About Fraud

Edmonton business consultant wants to reassure you that there are certain things that you can do to stop fraud from within your small business.

Often times what happens is you’re not able to get a very good judge of character from initial interviews. The interview process is very subjective as well.

What can definitely happen is you’re going to have to take the time to get to know your particular employees and get a good or bad feel for them altogether.

As well, once you do finally realize that there could potentially be fraud happening from within your business, there are certain things that you can definitely do in order to mitigate the next time that it happens. For example, oftentimes what happens is within an entrepreneurial myth, the banks do not check the signatures from within the banks when you are signing a stopover. They will tell you that the check has been checked. However, there going to check them so sporadically, that they may not and may as well not check them to begin with.

Edmonton business consultants should suggest that you look at cash the same you look at checks, and vice versa. Checks should be under lock and key, and cash, obviously should be in a safe, or again under lock and key as well.

As well, the checks that you have dispersed, may or may not have been tampered with. However, what you can do is instead of using checks altogether retain an EFT processor. What an EFT processor is is is it is an electronics fund transfer processor. You can take a check, you can sign it, and you can simply cash it, or you don’t have to worry about checks at all. If you do have an EFT processor, you’re going to be able to transfer funds from a Corporation account to an EFT fund provider for all of your payroll and payables. It is as easy as that.

Good outsourcing accountants are as well going to be able to set up all of this new information, and all of these new processes for you. All of your payroll and payables are going to be get totaled from that as well. And that amount is going to get transferred from your bank account to a very secure trust account.

Don’t forget that, according to Edmonton business consultant, that can take upwards of 60 days to get a deal approved from within your small business which is in the grand scheme of things not that long to wait.

As well, you’re going to have to go through a potential underwriter to make sure and get all of this figured out and solved. You never not you’re never going to know the underwriter. As your bank teller is going to be able to set that relationship up.

Make sure that, if you are paying a corporation, that doesn’t mean that that corporation is trustworthy and legitimate.

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Obviously, in the 21st century, says Edmonton business consultant, the need for physical, paper cash, is not necessarily as vital as it used to be even 10 years ago.

Almost all four corners of the world, except debit and credit card ready, and easily. Credit cards can as well be super cumbersome. Remember back in the day were you had to sign all of your credit cards?

You definitely don’t want everyone on your team to have a credit card or a debit card. What you can do for this particular situation from within your small business, is you can give one person one credit card, and another person demo car. That will alleviate a lot of fraud from within your business. By the new petty cash school tool within your credit card, it should be secure, and definitely safe. It is easier and account for and has dramatically less risk than cash.

Edmonton business consultant suggests paying for expenses are not only a fraud risk, keep in mind. But they are also an audit risk.

Think about if you are paying a corporation, that that corporation may or may not have legitimate tendencies, and a proper working attitude. You’re going have to know who these payments are going to whether it be to an individual person or a business. If you don’t recognize a title, a name, or the name of business, on any cash disbursements, that is going to definitely be a problem and you’re going to have to check all of your checks. However, an EFT provider or, an electronic funds transfer provider are going to be able to save you a whole lot of time for that particular purpose. Make sure that you have done exactly that, retained an electronic funds transfer provider to save you money.

Edmonton business consultant says don’t consider the fact that everybody from within your business is trustworthy. You of course have to believe in everybody and want them to see their best work and best foot put forward, however, it is so easy to be able to inflate earnings and do nefarious things from within your business. The main defense, however, is not having just one person processing the payroll. You have to set up the system where a couple of people are involved with your payroll, and your remittances, and your accounting and bookkeeping altogether. It obviously is very difficult for a lot of small businesses, as they are going to have to retain yet another person and pay them as well. However, think about it this way, if there is more money that is leaving your comedy fraudulently then honestly, it might be worth the purchase.

Make sure that every buddy understands not to share any of the credit card or debit card information, numbers, credentials, etc. It is very easy, it is just like you keep your personal credit card safe at home. It is the same process, and the same idea. You’re going to be able to set up read-only access and agent access.