If you knew that spending two hours a month on your business accounting would save you tens of thousands of dollars would you do it? According to a 2010 report, 40 percent of small business owners are embezzlement victims and one-third of all bankruptcies are the direct result of internal fraud. This is due in large part to the informal nature of small businesses and owners that trust their bookkeepers unconditionally.
When I started to freelance I often found myself as that trusted bookkeeper and it took me a while to figure out a way to get clients to become a part of the process. If they didn’t, I was putting myself at risk if something happened and I just couldn’t afford that. So I finally came up with a process, an ultimatum if you will, to get my clients on board. Either adopt this easy set of checks and balances or send an expensive (and I mean expensive) anniversary gift to my parents each year thanking them for raising such an honest person.
Protecting yourself from fraud is easier and quicker than you may think, even if you don’t know a thing about accounting.
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