Tips on Completing Basic Bookkeeping for Any Small Business

Regularly audit the books

Hire an external auditor, for example those from Payroll service australia¬†at least once a year to the audit of accounting books. This makes it difficult for the fraudster disguises his actions. The audit should not be scheduled in advance, but be surprised; ensure that it does not occur in the same period every year. If you suspect fraud, consider request, specifically, a “fraud audit” instead of a “general audit.” This type of audit is designed to uncover and prevent these kinds of losses.

Understand the books

The diversion of money usually occurs when bookkeeping is sloppy and unsupervised, which makes the employee tamper with the cash and receipts. As a business owner, you should familiarize yourself with the bookkeeping of your company and the record keeping system. Thus, it will be easy for you to examine the books and make sure there is nothing wrong. If you are not “accustomed to numbers,” ask your accountant to devote a little time to show you what to look or take a course on accounting or bookkeeping at a local college. Trusting someone else to oversee this, which is the most important part of your business, only opens the door to fraud. If you have issues, leave it for the pros, contact Payrollserviceaustralia.com.au.

Protect bookkeeping software

Do not allow unauthorized access to your bookkeeping software. Do not place the computer in a network that keeps the books. Ensure that both the computer and the software are password protected. Change the password frequently to lock the program to unauthorized persons. If you still use accounting books of paper, keep them under lock and key. You should also keep in mind that you will need a professional from the Payroll services to help you deal with such software. There is no use having the best software if you do not have the right professional to deal with it.

Take bank statements personally

Do not give to someone who is in a favorable position to commit fraud a chance to destroy or remove evidence of the crime. The business owner or an outside accountant should receive bank statements and canceled checks each month. Payroll services Australia can help you with that. Review these checks carefully. Examine the payees, signatures and endorsements on each check. Keep an eye out for indications of fraud such as:

  • Checks to suppliers or people you do not know
  • Checks drawn on the mouth of the top value box when you allow for petty cash signatures that look forged
  • Missing checks, or check numbers out of order
  • Checks payable to third parties, but endorsed by someone in your company
  • Checks payable to beneficiaries whose name does not match your record
  • Closely watch the company checks

The bottom line

It is therefore very easy to keep you small company and books always looking good and in check. The fewer problems you have along the way the better. Always keep an eye on your accounts and payments so everything is balanced. For professional help contact Payroll services Australia.

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