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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 | Press Pause On Fraudulent Activity.

Edmonton business consultant says that a lot of small business owners can certainly put the onus on themselves in terms of stopping fraud from within their small business.

Do not use the idea that they are definitely going to be too busy in order to look at the financials of your business, and potential workings of your specific subordinates.

What you can do is you can always put some time aside every day, or every week just to see what everybody is doing, and how everybody is going.

As well, says Edmonton business consultant what you can legitimately do is every couple of weeks, or maybe even more frequent than that, every week, sit down with your bookkeeper, and your accountant, or at least the one who’s acting as an accountant, and just go through the numbers of the week or the last two weeks.

That could and should mitigate a lot of what is going on and what is happening from within your business in terms of potential loss of income, or loss of profits from within your business.

Keep Edmonton business consultant in your thoughts as you definitely go through the process of putting some processes in order to mitigate a lot of fraud. However, it is not an easy thing, and it is not easy to catch, as these are people that legitimately think that they have done it for a very long time and are very good and shrewd at not being caught.

With an EFT provider and an EFT machine from within your business, you are no longer going to have hundreds of cash disbursements per month. EFT stands for electronic funds transfer machine. Now you’re going to have one or two cash disbursements every two weeks. That will be so much easier for you to be able to bookkeeping and be able to find any discrepancies that may be happening from within your business.

You’ll now easily know that there is a program. But the controls in place so that the dollars is dispersed at a certain time. Reduce the number of transactions that are appearing on the statement as well. That is going to save you a lot of time, and it’s going to easily be able to solve and mitigate a lot of the fraudulent issues as the numbers, be it the right ones, or not the right ones, are going to be right there, right in front of you and you’re going to be able to notice within minutes. You’re certainly going have to reduce the number of transactions that are appearing on the statement as well.

That way, any fragile and transactions are going to be super easy to hunt down and change.

As this definitely should only be a reminder and not new information, do not share your credit card contention credentials with anybody.. Likewise, if you do in trust your credit card to one person in the business ask them not to share with other people from within the business.

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It is so very easy, says Edmonton business consultant, for people to inflate the earnings. The main defence is not necessarily having just one person processing payroll. That can obviously be not a great idea as that one person could be skewing the numbers and adding a few dollars here to one payroll and taking off less dollars here for another payroll. That can be a person that is very unscrupulous, and you’re not even going to be able to realize because it’s only one person that is doing it.

What you should be doing is you should have two people that involved in payroll, and accounting. That way, you can have one person doing it, and the next person doing at the next week however each of you are watching each other’s work.

It is something that definitely needs to be discussed, and should be implemented from within your small business. That should mitigate a lot of potential losses from within your company.

As well, reminds Edmonton business consultant, make sure that you are treating checks like you are cash. Those checks should be stored in a safe, or make sure that it is very well secured.

Make sure that you understand as well as the other person understands, that particular person processing payroll has a very high degree of responsibility as they can very easily inflate paychecks, as mission. Sporadically, make sure you put more than one person in charge of the payroll, and potentially in accounting completely. One day to have the credit cards for the office supply is a very good idea and offset the credit and debit cards between two people

What should happen is one person should have the credit card one day and the debit card the next day. And vice versa for person number two. That as well will be very easy for you to, if there is in fact any fraud happening, you will be able to figure out who had the card on which day and proceed to interrogate them.

Don’t share any read-only access ideas, and agent access numbers or files with anybody, warns Edmonton business consultant, including the people that you work for from within your business. That is not common knowledge, and is just secret information between you and your business partner and potentially your banker and your charter professional accountant.

They are definitely going to have a lot of activity from within that particular account. And that is definitely something and again not you’re not going to want to share. They can help with a lot of bookings, reconciliation accounts, and they don’t or can’t disperse a lot of cash.

Generally what can happen, is are not going to be able to find a good secondary choice for a lot of your bookkeeping, and your accounting. So make sure that it is one that is trustworthy, and that can be definitely taking care of in terms of honesty.