Thursday, 19 Apr 2018
Accounting programs have become our third leg in running our business, they are great at cutting down on time and provide ease of access, however things can still go wrong in our technological age. Accounting errors if unnoticed have the potential to drag down the bottom line, and loopholes in trusted systems leaves owners vulnerable to fraudsters.
We’re here to help you in avoiding the belly up business systems and set you in the right way to avoid accounting errors and fraud. With reported losses of over $150k remember the five steps to protecting your business; payroll fraud, cash theft, online banking, false invoicing, and email invoice scams.
Small business owners are less likely to have the confidence and knowledge of accounting and bookkeeping which is why it is imperative in having educated, savvy and confident staff in control of your systems. This will not only lower your chances of mistakes happening, it will also provide valuable knowledge when things do go wrong.
MYOB is well known for having many options available when it comes to short courses, education is key and your employees will thank you for investing in them. Getting into a short course, whether yourself or your employees will allow the opportunity to collaborate with industry professionals.
This is a handy tip to expose you to everyday aspects you never would have thought of. Pradem agrees that working alone has fewer benefits than in a networked team. This will promote empowerment, spark confidence and unite a team environment.
At AGI Bookkeeping we are an industry leader for bookkeepers in Melbourne; we have many great services to assist you in your accounting and bookkeeping, click through our services tab to see how it will be beneficial to you.
When you have great steps in place for your accounts the next best thing to help your business is to Audit Audit Audit! CPA Australia has a great go-to guide for auditing with many practical tips. One of the most overlooked tips by many employers is to think unconventionally.
To ensure all unexpected issues have been investigated you must go beyond what you already know, getting a leg up on any unseen surprises. Business today are finding themselves target to a group of hackers phishing their email groups with fraudulent invoices.
By the time the customers receive the invoice the business is unaware they have even been hacked. Hence showing the importance to monitor the systems and keep anti-virus software constantly updated. Embrace the good side of ever-growing technology and grow with it.
More often than not our small business are ending up out of pocket thanks to counterfeit monies and credit card fraud. We live in an age where money is accessible by multiple platforms of cash, card, wearable tech and pay wave; with technology developing our ideas of money fraud need to change fast also.
Every bank account is now attached to an online app with instant reporting, making it easier for users to monitor against fraud, however business owners need to find innovative ways to catch up. Be frugal and compulsive when it comes to these matters and routinely audit, administer extra precautions, and trust your instinct. If it feels wrong it probably is wrong.
Peace of mind follows from great precautions, procedures, and practicality, yet even the most protected and established business can slip up. Australian news paper Sydney Morning Herald reports the top 5 Fraud Risks for small business, suggesting the strong monitor of outgoing cash from payroll, cash theft, check fraud and EFT transfers.
It’s unfortunate for small business, when money disappears we must look to our employees. There have been endless articles featuring a bankrupt business owner heartbroken their loyal staff has betrayed them. The Association of Certified Fraud Examiners report that 60% of small business victim to fraud never recover their losses.
This should give you that extra push to implement some new strategies to protect your bottom line. Keep updated on trends, alerts, and scams by following some key companies. ACFE will provide a profound tool to keep your business ventures safe.
The Association of Certified Fraud Examiners is an international association with an innovative approach to reducing fraud worldwide. They offer great resources and studies into the underworld of criminal fraud and prevention as well as setting guidelines in ethics and compliance.
ACFE have training and events, membership & certifications, and a community network to keep you in touch with other business like yours. Other rescources to note are the Australian Competition and Consumer Commission, Scam Watch, and your local Chamber of Commerce. With an abundance of resources you will be ahead of the game in protecting your assets in the future.
Owning your own business is a busy yet rewarding venture which will open you up to many great opportunities. Remind yourself to stay in touch with measures to protect yourself in the future, make it a part of your morning meetings, and familiarise your employees to be on the watch.
In any setting remember the key elements of business fraud; payroll fraud, cash theft, online banking, false invoicing, and email invoice scams. Be savvy and enjoy your returns knowing your business is protected.
