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

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Edmonton CPA | Catch And Release For Fraud

Edmonton CPA says that there are many ways with which a lot of people do trying get away with fraudulent activity, specially from within small businesses.

What tends to happen is a lot of small businesses, with a very small budget for people and employees, often leave one person in charge of bookkeeping and the accounting. That can often be very troublesome in terms of thinking about things going past people very easily, and not being able to catch things if in fact that person is doing nefarious activities.

Edmonton CPA can talk about auditing one-on-one in the fact that if there is only one person in charge before you do an audit, you’re looking at the risks of that legitimate entity from within that fraudulent activity. The basic rules and regulations are is it easier for them to get away with it in the end. A lot of the business owners can not catch a lot of the nefarious things when things are happening because they first of all trust that person that is involved with the bookkeeping and the accountant, so they therefore don’t check.

Unfortunate, what happens is the fact that things don’t get noticed and money could be walking right out your front door without you even knowing it.

Edmonton CPA also states the fact that be careful as a lot of inflating hours, and wages can be even harder to catch if that bookkeeper is doing that as well.

Payroll remittances are very hard to catch and again, a lot of small business owners trust and don’t even have time to look into it if there is in fact anything going on. Then you can have a lump sum payment, and you’re going to be the CRA and make sure that you are checking individual pay stubs.

You can set up read-only access and agent access as well. They can see all of the activity and they will be able to help with bookkeeping, reconciliation accounts, but they definitely can’t disperse cash.

Make sure that you do in person or by phone when it comes to talking with your charter professional accountant. It is so much quicker, and so much easier. There will be messages that will not be missed, and there will be situations that you are definitely going to be able to talk about and discussed. However, from within that personal meeting, make sure that you do not get off course, in talking about other things. The point of the meeting, is to focus exactly on your small business. It’s there to understand what is happening with your business, asking questions, explaining your variances, and they are going to go back to generating a lot of revenue within the business. It is a most efficient way that is definitely an in person meeting or a set phone condyle in order to investigate any anomalies. You must have to look at the documents that are being sourced out as well.

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Edmonton CPA wants to stress the fact that there are very few things that one can do if one legitimately does want to steal from a small business. If you have set yourself up for failure as a small business owner, it can potentially be very difficult for them to be caught in terms of watching money walk right out your front door with Audi you even noticing and right out from under your nose.

Often times what happens is your employee can inflate hours, or they can legitimately inflate wages another form of fraud as well. This can as well, being even harder to catch, in particular if you have only one person working on accounting and bookkeeping.

Edmonton CPA says that business owners have simply one person charge with bookkeeping and accounting because quite frankly that’s often times the only time that they can afford. There going have a filing system from within the accounting system that nobody else understands or is familiar with. And there going have records that aren’t exactly and legitimately up-to-date. All of a sudden, you realize when it’s far too late that money is definitely going to be going missing.

You can learn a little bit about auditing one-on-one, for example, if there’s only one person in charge before you do an audit audit you’re looking at the risks of that particular entity and the basic risks for that particular audit.

It is legitimate easier for them to get away with a lot of nefarious activity and for you never to have noticed until it is far too late. A lot of business owners think that they don’t have another choice.

How are, outsourcing can have multiple people involved., As well, the fact that it is often cheaper than the cost of one individual staff member. If you do it in-house you have the risk of that one person running the accounting, which as mentioned, is not necessarily the greatest idea for your particular business.

Often times the entrepreneurial myth comes in the form that the banks don’t check the signatures. However, that myth rings true. They will tell you that they in fact check them, but they check them so sporadically that they may as well not at all even check them. You’re going to need to look at checks like cash. And remember how safe people keep cash. They should be under lock and key just like cash is often in safes, or in safe-deposit boxes. They are the sickle biggest risk of fraud in almost all small businesses to date.

Edmonton CPA says be careful in terms of using the checks as you have an EFT processor that might serve you far better. No one are is going to be able to just take a check, sign it and then cash it in that regard. As a matter fact there was a banking Canada that ran a lot of risk in that there were checks being cashed twice.