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HOW ACCOUNTANTS CAN HELP MINIMIZE BUSINESS FRAUDS

Many business owners and managers have a lot on their minds so that protection against these risks might just be another task in their already overflowing lists of things to do. Frequently, many business people are not trained in such activities, so there is a good chance that they cannot carry out this task as effectively as a professional accountant can.

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HOW ACCOUNTANTS CAN HELP MINIMIZE BUSINESS FRAUDS

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  1. HOW ACCOUNTANTS CAN HELP MINIMIZE BUSINESS FRAUDS www.mymconsultancy.com.au

  2. Many business owners and managers have a lot on their minds so that protection against these risks might just be another task in their already overflowing lists of things to do. Frequently, many business people are not trained in such activities, so there is a good chance that they cannot carry out this task as effectively as a professional accountant can.

  3. BILLING FRAUD Employees may bill the company for personal expenses, or make false or inflated invoices. Accountants can prevent billing fraud from happening by checking the unique invoice number of sales. The invoice can verify if the sale has been made by tracking the number to the payee. It is a part of an accountant’s role to double-check banking details and set up a system to review senders of money transfers to ensure that nothing untoward happens.

  4. CASH THEFT Cash is a liquid asset, but it can easily be swiped by people handling the cash or those who are involved in securing it. Some businesses have large cash requirements and therefore would have to keep a large amount of cash at the premises. Accountants know the proper methodology of handling different sums of cash that are secure and properly recorded. An accountant will ensure that collected cash is regularly deposited in the banks so that it is properly managed.

  5. PAYROLL FRAUD This occurs when employees manipulate the payroll system to receive money that they have not earned. This makes a business lose money. There are different ways in which the payroll can be manipulated. For instance, employees might put in incorrect timings on their timesheet, or arrange for their colleagues to clock in or clock out for them. An accountant’s job includes carefully reviewing timesheets to ensure that employees are being paid the wages that they have earned. Entrusting a single employee to a task, especially when it concerns cash and assets is not a smart move. 

  6. CREDIT CARD FRAUD: It can be carried out to buy goods or services, or it might be used to draw money to put it into another account. A company credit card, used for purchases for the business, might be put to criminal use by employees with access to it. They might make personal purchases from it, or misuse it in some other way. Accountants can also check transactions and review them with employees. They can also set up a proper receipts and payments system.

  7. THANK YOU! Accounting & Business Consultancy We are looking forward to start a project with you! info@mymconsultancy.com.au 0437157610 www.mymconsultancy.com.au Disclaimer : This is a generic Information & post; content about the services can be changed from time to time as per your requirements and contract. To get the latest and updated information, contact us today or visit our website.

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