How to Avoid Bookkeeping Fraud in your Business
The average employee thief has worked with the company for four to five years and that nine in 10 are first-time offenders, reports the Association of Certified Fraud Examiners.
During recruitment, employers have no screening method that can be used to spot potential fraudsters. The only way to avoid bookkeeping fraud is to put in place internal controls to dissuade, prevent and detect fraud attempts. This is a three-step flow internal control mechanism to avoid bookkeeping fraud.
Avoid Manual Accounting Processes
Businesses with good financial records rely heavily on automated accounting processes to streamline financial transactions from end-to-end. Best practice, use accounting systems with strong security controls to avoid unwanted intrusions. Most of these solutions provide great financial reports and audit trails which gives insight into your financial health as a business. Multisoft Solutions supply and implement robust accounting systems for varying company in different industry segments. The solutions come with strong security controls. Learn more about Accounting systems
Avoid One-Man Job Responsibilities
To ensure proper checks and controls in your finances, avoid the “money guy or lady” accounting approach. Many small and midsized business have single individuals performing all critical accounting tasks—from paying bills, preparing financial statements, issuing paychecks and bank deposits. This is a non-starter as a small business as it creates a one-man manager and could lead to fraud that can go undetected for many years.
As a multiple business management solutions provider, we advise that every financial transaction should go through at least two stages manned by two employees. One for collecting or making payments while the other reconciles the books and ensure accurate financial reports on the transactions. Companies with lean teams may struggle with this approach; however, with the support of Multisoft solutions’ excellent outsourced data entry & bookkeeping services, you can be assured of accurate bookkeeping and streamlining on financial controls so your employees focus on delivery on your core business mandate.
Multisoft Solutions delivers excellent Accounting support services.
Adapt Best Reporting Standards and Processes
Set clear reporting schedules and internally assign a senior management team member to review all financial reports and processes periodically—it could be weekly or monthly. This will ensure proper checks and reduce the risk of fraudulent attempts such as false entries. This Manager does not necessarily need any skills in accounting auditing. He/ she simply needs to compare account payables/receivable receipt and invoices against the amounts entered in the books. He/she will then cross-check both figures against cash in the bank.
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