While most individuals are worried about strangers getting their hands on and misusing their personal information, the people that are actually most likely to commit crimes of fraud and embezzlement are those within the inner circle of trust. Businesses that have grown around a single point of contact, someone who performs all of the critical accounting functions, are the most exposed. Unfortunately, small businesses often cannot afford multiple employees to run their accounting functions and, as these companies grow, that single point of contact becomes the one person who knows how to perform all functions properly. As a result, the separation of duties that is so critical to fraud protection and accuracy is lost. What about the risk of losing that individual to sick leave, disability, vacation, or termination? This unhealthy dependency on a single key person is especially crippling in the area of accounting and that seems to be where we see it the most.
A seasoned outsourced accounting firm will work with a business to put in place protocols that encourage and support healthy accounting practices. By working hand in hand with a properly organized firm to split task work and create efficient workflow processes, businesses can achieve separation of duties and knowledge redundancy. The most efficient transfer of workload occurs in a hosted environment where the accounting programs, inflowing source documents, and data from CRM, POS, and ERD systems is accessible to both the internal team and outsourced team at the same time. That’s why hosting the books and records within a secure environment is the perfect first step to bringing the accounting to the next level.
Do you know any business owners that need Bookkeeping support? Tell them about Complete Controller – America’s Bookkeeping Experts
About Complete Controller® – America’s Bookkeeping Experts
Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of US based accounting professionals are certified QuickBooksTM ProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.