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Thought Leadership from the Leaders in Virtual Accounting and Bookkeeping Services

How Checks and Balances in Virtual Accounting Processes Prevent Fraud

Author : Dennis Najjar
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Employee theft and corporate fraud occurs for a number of reasons. Sometimes, employees having financial difficulties will think stealing from their place of business will solve their problems. Usually it creates bigger problems.

Many times corporate fraud is caused by disgruntled employees who feel they are being overworked, underpaid, or feel their employers are taken advantage of them. Companies with high morale have fewer instances of employee theft.

Finally, many in-house bookkeepers have opportunities to steal, without the strength of character to stop it. They can’t resist the temptation, especially if financial concerns or low morale also come into play.

None of this is a factor at, for a number of reasons.

1. Our processes and procedures make corporate fraud virtually impossible - Your virtual accounting staff includes a full-charge bookkeeper and financial controller who oversees the bookkeeper. At the end of every month, the books are closed, ensuring that they balance. You, the bookkeeper and the financial controller are all present for this process.

Additionally, our bookkeepers do not have authority to print paper checks or issue electronic checks. Nothing goes out without your approval. This adds another level of protection.

2. We treat our bookkeepers well. Your business is personalized, but not personal. – By assigning you a full-charge bookkeeper who works within your time zone but not within your immediate area, we assure that your business stays private.

Your full-charge bookkeeper is our employee and our responsibility. We consider all our employees part of the family, and do everything in our power to build loyalty and retain happy bookkeepers.

3. Our hiring process is as rigorous as you will find in any virtual accounting firm, anywhere. – Out of the thousands of applications we receive, only 5 percent receive phone calls. From that small percentage, only 10 percent are selected to take our 4-hour accounting test. Those who pass undergo extensive background and credit checks; if someone appears to be a risk, we don’t hire them.

We stake our reputation on the quality of our bookkeepers, and our reputation is our whole business. You can trust

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