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

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Edmonton CPA | Getting Intelligent On Fraud

Edmonton CPA wants to reassure small businesses that fraud can definitely be rectified if you just take some very simple steps and realize that it will not cost you a lot of money whatsoever for your small business.

Likely, you have somebody that is working with bookkeeping and accounting, but it is only one person. That can in and of itself be a very fraud red flag where in that person has access to all of your bookkeeping, all of your accounting files, and nobody else knows how to get through them or in them or work on them, or how to reconcile them.

What you can do in the meantime is often that is a very big theft problem and for the amount of money that could potentially be walking out your front door, you can definitely be hiring somebody else for potentially even less. That way you can have two people that are involved with bookkeeping and accounting. You can offset one person one week or biweekly and the next person then next time payroll comes along.

Edmonton CPA also states that make sure that these people are anybody for that matter shares their credit card credentials. For the person or business that legitimately needs a credit card, make sure that they are given a credit card by you, but they are the only ones responsible for that particular credit card and if it goes missing, they are on the hook for it.

As well, you may in fact be paying a corporation for one of many reasons from within your business. However, that doesn’t necessarily mean that the Corporation can be legitimate. Make sure that it is a legitimate Corporation as well so do your homework. You’re going have to know who the payments are going to and even if you don’t recognize a name on the particular cash disbursements, that is going out through your EFT provider and not your checks. That could be one way of hanging on to a little bit of cash remittances well. Make sure that you get an EFT machine.

Your one everybody on your team to have one which is not necessarily good idea in terms of credit cards. When they are now the credit card for office supplies, and the next person, will have the debit card, not a credit card.

It is not often now that cash is used for any part of the imagination. Anybody from one corner of the galaxy to the next, are using credit cards and debit cards.

Edmonton CPA says don’t bother and instead of using the checks, you’re going have an EFT processor. As mentioned earlier, that EFT as EFT Prosser sensor is going to easily remedy a lot of your processes in terms of making your business far more secure in terms of accounting and bookkeeping.

If you do it in a house in terms of a lot of the outsourcing parts, you’re going have the run the risk that one person is going to be running the accounting at all.

Do You Need Advice On Our Edmonton CPA?

Keep in mind that Edmonton CPA really likes to make sure that everything is secure and safe so that you can keep your very hard-earned money in the bank or with your small business instead of people stealing it out of the blue.

There can be a very easy auditing 101 suggestion where if there is only one person in charge before you do an audit on that particular entity that is not necessarily a great idea in terms of things that are not necessarily looking legal and well processed and well managed.

Make sure that if you going to have conversations with your charter professional accountant, and you should definitely be doing so, that they are once a month at least, and absolutely in person. There are times where you can for sure phone your charter professional accountant email your CPA, or eventually even text in. However, there has to be at least that one time a month where you sit down face-to-face and go over exactly what is going on within that business. Often times what happens is there is communication, messages, or specific idiosyncrasies that have to be dealt with that are gone with 20% century technology.

Have you ever heard the entrepreneurial mood myth where the banks don’t check the signatures, asks Edmonton CPA? They’ll tell you that they check them at the counter, or even behind the counter, but in reality they don’t check them at all. It could potentially be once in a blue moon that they legitimately check them. It is very sporadic at best. You’re going to definitely need to look at the checks as if they are like the cash they should be certainly under lock and key and are the single biggest risk of fraud in most small businesses.

It can as a matter fact, says Edmonton CPA take at least six days to get a deal approved in terms of a lot of the credit cards, and a lot of the remittance payments. Don’t fret, as you definitely need to take some time out of your busy schedule to make sure that you do check all of your remittance payments, all of your checks going out, and even take the time to check each and every employee’s pay stubs.

The last thing that you’re going to want to do is you can want to lose money for something so simple that you’re going to be able to mediate that.

As well, don’t consider the fact that everybody from within your business is honest. Although you have gone through a system where in your going to be able to talk with the participant in terms of the interviews, it isn’t often that you get a very good feeling of people from within the interview. Make sure that you are very sure that you have retained a lot of honesty within your small business.