The processes and procedures established as part of the online bookkeeping services at AccountingDepartment.com are designed to minimize the risk of employee theft at several levels. Since employee theft and fraud, especially theft that originates with in-house bookkeeping staff, costs SMBs billions of dollars annually, you’ll not only potentially save money, but you’ll get important peace of mind.
Let’s look at three ways online bookkeeping services helps prevent theft.
- No blank checks in your office. Your full charge bookkeeper will either send you a PDF of checks, complete with amounts and payee names, or you can generate checks to print directly from your QuickBooks account. Employees can’t steal checks from a drawer and write them out to cash (or themselves). Because you have constant and instant access to your records, you’ll be able to review every check generated, so there’s no chance of theft through your bookkeeper, either.
- Similarly, your full charge bookkeeper cannot initiate any electronic payments or withdrawals from your bank account.
- Your bookkeeper informs you of any transactions that post that they may not know about. She may request supporting information via email. So if an in-house employee makes bank transactions without your knowledge, you’ll find out that day.
- When your full charge bookkeeper reconciles bank, credit card, and loan accounts, you’ll be notified of outstanding items that may need your attention.
- You’ll receive a monthly list of any missing check numbers, again, so you can discover if employees with access to QuickBooks have been printing checks without your approval and consent.
- Your general ledger will be reviewed monthly, and your financial controller or full-charge bookkeeper will call discrepancies to your attention. This is one of the best ways to spot employee fraud before it gets out of control.