Know thy Bookkeeper – Here’s a Fraud Flag for Thought…

 Know thy Bookkeeper – Here’s a Fraud Flag for Thought…

Fraud can occur at any point in your business life cycle. Think about how your bookkeeper touches your funds, products and records and ask the following questions:

1. Are your accounting records a mess?
2. Does your bookkeeper refuse to delegate?
3. Does your bookkeeper seem to have a lifestyle inconsistent with their salary?
4. Has your bookkeeper asked to be a signer on your bank accounts?
5. Does your bookkeeper ask for approval when making transfers?

Many business owners don’t bring in a qualified accounting professional because they want to save money, so they leave the bookkeeper to run the business without adequate supervision, specialized skills and no separation of duties.

Most people are honest but some are not! Have you met a long-time bookkeeper that is complacent and hates doing their job so they do the bare minimum? Well I have and most times I cannot advise business owners on how to save money because of cases of GIGO – GARBAGE IN GARBAGE OUT.

Remember it’s the victim who provides the opportunity and the thief who fulfills the need.

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