Why is it important to have good accounting controls in your office?
How many times have you read in the news of bookkeepers or others in charge of company funds embezzling money for years without being caught? We have to be able to have a sense of trust of those we employ, especially those who handle sensitive areas of our business but it is equally important to have common sense and put strong controls in place to prevent this situation from happening to you.
Common Sense Fact 1: ‘Do not have the same employee handle the books and open the mail!’
This creates an opportunity for a bookkeeper to hide invoices that they may pretend to be paying or worse yet, there have been reports of bookkeepers diverting Company tax payments into personal accounts and hiding the IRS tax notices to the [Read More]