Are You Safe From Fraud?

On September 1st, 2011, posted in: Accounting by 1 Comment

I can’t begin to tell you how many small business owners I have met that have been victims of fraud by bookkeepers that they trusted to do their accounting. That’s one of the reasons that virtual accounting services have become so popular.

Last year at the requests of clients and prospective clients, we started a new virtual accounting service offering called Your Remote CFO.  It provides remote accounting services for businesses that have an in-house bookkeeper but are concerned about internal controls. Sometimes it’s just that the owner doesn’t want their bookkeeper to know how much salary they are taking or how much money the business is making. Sometimes it’s for an extra set of eyes to catch any errors that the bookkeeper might have inadvertently made.

Many times bookkeepers appreciate having an experienced accountant reviewing their work and interfacing with the firm’s CPA. Having outsourced accounting services such as posting payroll journal entries and filing payroll records, reconciling the Balance Sheet, reviewing the General Ledger, assisting with budgets and forecasting, and generating financial statements are a great way to establish internal controls. Your CPA will love that!

With all the safe methods of remote access, virtual accounting services are becoming mainstream instead of an exception. We expect that trend to continue and expand as it has in the last several years.

 

 

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One Response to Are You Safe From Fraud?
  1. […] The words you choose are so important in establishing rapport and making yourself understood. Using industry terms or jargon that associates or prospective clients may not understand may make them feel ignorant and unsure of themselves. Every industry has its own language. When accountants stress the importance of Internal Controls, many clients have no idea what that is or how to establish them. (If you don’t, see our blog post dated 09.01.11 or click here.) […]


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