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« There is No Such Thing as Long-Term Tax Planning | Main | Restaurant Owner Receives a Surprise Sales Tax Audit, Xtranormal Style »

February 26, 2011

Comments

John Orlando

When business bookkeeping is sloppy, it's easier for this sort of behavior to slip through the cracks. That's why it's important to have budgeting and accounting software in place. Errors and fraud will be more noticeable than it would be in a confusing Excel document.

Daniel Broome

There is any number of ways that a bookkeeper or other member of staff can perpetuate a fraud against you as an employer.

However a simple segregation of duties in even the smallest of organisations will help to limit the opportunities for someone who is intent on stealing. Other easy to implement measures such as using blank check stock, magnetic toner, requiring managerial approval of check runs in your accounting software, and using features such as “Positive Pay” from your banking partner will significantly restrict even fairly determined individuals.

Bear in mind that “even a good locks can only keep good men honest” and although you might not be able to stop a determined thief you can make it inconvenient enough that they will move on to somewhere else where security might be more relaxed.

Regardless of your approach to cash security always be vigilant and time the frequency of your bank reconciliations so that checks don’t become irrevocable before you’ve had an opportunity to review your banking activity.

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Other easy to implement measures such as using blank check stock, magnetic toner, requiring managerial approval of check runs in your accounting software, and using features such as ble to stop a determined thief you can make it inconvenient enough that they will move on to somewhere else where security might be more relaxed.

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