Do your company’s accounting policies need a second look? One problem many fast-growing businesses with revenue from $1 million to $25 million face is that they might have a full-time bookkeeper, but no one to manage the bookkeeper.
This fact alone makes mid-size businesses more vulnerable to corporate theft and internal fraud. If a bookkeeper has too much power, too much opportunity, and not enough oversight, that could be a recipe for disaster. We’re not saying all bookkeepers are unscrupulous or dishonest, but it happens often enough that no business owner wants to take that chance. How can you help prevent corporate theft and fraud?
The Role of a Financial Controller
Better accounting management services—that is, having someone overseeing the bookkeeper and reviewing the records with you and the bookkeeper on a monthly or weekly basis—is a key deterrent to theft.
Most mid-size companies using a full-time bookkeeper, often for the first time, can’t afford a full-time financial controller, too. But at AccountingDepartment.com, we won’t give you one without the other.
Your Online Accounting Department
Your online accounting department includes a bookkeeper who manages the day-to-day bookkeeping and recording of all financial data. The financial controller checks in to make sure the bookkeeper is performing her daily duties but, most importantly, will review all the books quarterly or monthly. After this review, the controller issues the financial statements and then locks the data file with secret password protection so that reports cannot be changed without your knowledge as well as the controller’s knowledge and oversight.
This is just one more way AccountingDepartment.com makes sure your online accounting department is more secure than an in-house bookkeeping staff.