How many times have did you hear about the company bookkeeper or controller taking advantage of the position and stealing assets from the company or simply reducing his/hers deductions for insurances and making the company pick up the tab.
This happens all the time and can happen to any business or even non profit organization. Proper accounting checks and balances can prevent this, also having some internal controls in place can make it difficult for anyone to take advantage of the company with out being found out in the short period of time.
We provide internal audit services in Jacksonville Fl. and unfortunately have seen this many times.
The most important thing that you can do for your business is separation of duties. Same person should not produce the checks and sign the checks. Payroll summary reports should be reviewed by the supervisor before they are send out for direct deposit. All bills and reimbursement's should be approved prior to the disbarments and detailed financial reports should be reviewed
If you would like more information or help with putting safeguards in place, please contact us.
www.bookkeepingandaccountinginc.com