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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 | Not So Good With Fraud

Edmonton business consultant says that there should be a very quaint, however very direct conversation once a month with your charter professional accountant each and every month.

This should certainly be pre-discussed, and it should be a prescheduled meeting and a meeting time over time every month on particularly the same time and maybe even the same date every month. That way everybody will assume that it is just part of the schedule and nobody will forget.

What should be part of this meeting is a face-to-face conversation about what is going on from within your business that previous month and as well what can be discussed in the month coming.

Everything a time that you been that your charter professional accountant, you should be walking in with lots of questions. So, in terms of chronology, what should happen is you should first ask all of the questions that need to be asked. Then, between you and your charter professional accountant, you should be able to go over all of the variances month over month, and then go to generating revenue finally.

The most efficient way is obviously an in person meeting so that munication and efficiency is paramount. However, a phone meeting monthly will definitely suffice as well. Do not necessarily consider a text meeting, or even an email meeting, as a lot of communication can potentially be lost, and there is just a lot of time loss within those particular mediums as well.

Edmonton business consultant introduces you to read only access and agent access. They can definitely see all of the activities if you Institute both of these processes from within your business in terms of credit and debit cards. They’re going to be able to help with a lot of bookkeeping, reconciliation accounts, but they can’t disperse legitimate cash, take money out of a debit machine, etc.

Edmonton business consultant also states the fact that there is a entrepreneurial myths in that a lot of the banks will look at every single signature that passes there table or there till. This is absolutely the furthest from the truth. They don’t necessarily check most of them at all, if any. You’re going need to look yourself and a lot of the checks and consider them as you would consider cash. They should be under lock and key as well. They are single biggest risk of fraud in most small businesses in terms of talking about checks.

Sometimes, you’re going to legitimately be running out and in for the business, and you’re going to be far too busy to think about fraud from within your business.

That is definitely going to have to change and money could definitely be walking out of your small business out from under your nose. Make sure that you make the time sporadically to check payroll pay stubs, and do a very quick self audits to make sure that you are retaining a hotter percent of all of the prophets that you have made from within your business.

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A very good idea, says Edmonton business consultant is making sure that one person is in charge of accounting, and a filing system. That is not necessarily going to be a good idea, if you are a business of potentially over six people. For example, if that particular person goes on holidays. They are not going to be able to share their system and their organizational processes.

That will lead you in a lot of problems so that your definitely going to be able to want to think about the entrepreneurial myths. The banks don’t necessarily want to think about a lot of the cash and the checks. What tentatively happens is the fact that you should not share the credit card credentials. For the person in your business that legitimately needs the credit card, you can get the credit card.

However, says Edmonton business consultant, make sure that you tell them that you own the credit card and am responsible for it that credit card if it definitely goes missing you are accountable and responsible for.

You can talk about a lot of inflating hours, and a lot of wages that are very hard for you as a small business owner to catch in terms of fraudulent behaviour and fraudulent attitude. Freight payroll remittances are likely on that list in terms of fraud that is very hard to catch as well. Make sure that you have a lump sum payment going to CRA and make sure that you are checking individual pay stubs every single time that people have payday.

Just because you’re paying a corporation it can’t necessarily mean that it is a honest, legitimate corporation that is going to want to do honest business with you.

Edmonton business consultant states that make sure that you understand where the payments are coming from and going to as soon as they are made and coming into your possession. If you don’t recognize a name on the cash disbursements, that’s going out through your EFT provider and not necessarily your checks.

Often times what happens is there is no need for anymore cash petty cash. You don’t need paper anymore. Get yourself and your company a credit card so that you can use the credit card in that particular position.

That can’t be used for any online transactions as well you are going to be setting a limit on a data, debit card of $500 so that if any of that money goes missing because a of a dishonest employee, you are only down a couple of hundred dollars, instead of thousands of dollars.

Make sure that it is discussed from within a lot of the business meetings and that person in the processing payroll has a high degree of responsibility as they could very easily inflate the paychecks. That is awesome for sporadically putting more than one person in charge of the payroll responsibilities and cash flow.