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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 | Stopping Fraud Once And For All.

Edmonton business consultant says that despite the fact that you believe in want to have faith in a lot of employees, do not per one second think that it cannot be easy to steal money from you and your small business.

Edmonton business consultant also states the fact that despite the fact that you want to be trusting, you also have to be diligent. There are ways with which you can certainly checkup to see that there is not any money that is being siphoned out of your company. You don’t necessarily want to feel like a nag or what have you, but you are simply just being a shrewd and prudent business owner.

Likewise, in the same breath, just because your paying a corporation, does not necessarily mean that corporation is not legitimate. You’re going to have to know who these payments are definitely going to, and if you don’t recognize a name on those particular cash disbursements from that corporation, or that business, that is going to go through all of your EFT providers and not your checks. That can definitely be it, and an eye-opener for you not to deal with this corporation, and to sever their ties.

Year going to understand the fact that as well is going to use a lot of online transactions. As well, make sure that if you do in fact retain a debit our a credit card, that you put limits on both the debit and the credit card. Potentially $500 will be able to be very good in terms of limits. What the question is going to be is that now you’re not going to be able to lose thousands of dollars. Now you’re going to potentially assume that there is fraudulent activity from within your business only be missing a couple of hundred dollars which can hopefully be easily replaced.

Edmonton business consultant once you to figure out the fact that your definitely going to have to be an entrepreneurial myth guard. The banks don’t necessarily check the signatures when they are asking you for a signature and they don’t cross-reference it. They’ll tell you that they check them and cross-references. When if in fact they check them sporadically they may not even check them at all. You’re going to need to look at checks like cash. They should be under a certain lock and key, just like cash.

As a matter of fact, they should have the same value as cash and quite frankly feel the same as cash in terms of the importance from within your company. It is the single biggest risk of fraud in most small businesses and can be easily guarded against and mitigated.

Don’t use checks. Or, instead of using the checks, use an EFT provide processor. That EFT processor car, or an electronic funds transfer processor, will definitely be able to mitigate a lot of the bond and fraud that is going on from within your business.

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Edmonton business consultant says that it can be super easy for a lot of unscrupulous people to inflate the earnings from within a small business. The main defense of this is not having just one person processing payroll from within your small business.

This that very difficult for most small businesses to do. That person processing a payroll has a very high degree of responsibility.

As they could very easily inflate paychecks. Sporadically, put more than one person in charge of payroll and that way you can mitigate a lot of issues that make arise when the first accountant or bookkeeper goes on holiday, is sick, takes a day off, etc.

Edmonton business consultant wants you to state the fact that they could very easily be careful in inflating paychecks as well. Make sure that you are making the person responsible for the credit card as they are the ones that are going to be able to use it for office supplies, etc. They are not to pass it off to anybody from within the business, they solely going to be able to hang onto it themselves. The responsibility is on them if in fact they lose it, or it gets stolen.

It is very easy for people to inflate a lot of earnings. The main defense is not necessarily having just one person’s processing payroll. That is very difficult for most small businesses to do as a matter of fact. Make sure that the person that you trust is processing payroll in that they also know that they have a very high degree of responsibility and trust from within your small business.

It is also very good idea to get another person a debit card. This other person will not be the same person that is holding onto the credit card. What you can do potentially is have people offset. What that means is have one person holding the credit card one day and the Democrat the next day. Likewise, the second person, will hold the debit card one day, and the credit card the next day.

That should be able to mitigate a lot of fraud happening from within your business. Or if it doesn’t mitigate the attempted fraud, at least it will be very easy for you to find out who is the culprit, as there is a paper trail for that particular date and time that the fraudulent occurrence happened.

Edmonton business consultant states the fact that it might not necessarily be a bad idea for you, at the very least to do relatively occasional audits. Those can be a very quick oversee an overview of what is happening from within your business, in terms of your cash flow, profits, your payroll remittances, etc. If there are discrepancies from within the economics, of your business, then it should very well be able to see who is at fault because of all the regular auditing that you’re doing.