Melbourne accounting is rather complex. As with other accounting practices, you have probably heard more than your fair share of frauds and embezzlements, others perpetrated even by chartered accountants. So the question is, do you have controls in place to protect your business from fraud?
A lot of business owners can’t say ‘yes’ to this question. Depending on the size and the complexity of your organisation, fraud is often not discovered until bank reconciliations are performed, which is critical aspect of Melbourne bookkeeping. However, if bank reconciliations are not performed on a timely manner, it leaves fraudsters to cash in checks and disappear even before you have a clue what hit you.
We have seen and heard about identity theft but no one really thought they could be a victim of one. These days, you can ask your Melbourne accounting firm to work with your financial institution to identify fraudulent checks, or payments that your company did not issue. Basically, your bank will be ask to reject all checks that are not in your company list, checks that exceed a specific amount and checks that carry past due dates or what are known as stale checks.
With this measure in check, it would be easier to track and protect your business from fraudulent practices. Make sure to sit down with your Melbourne accounting firm to determine specific controls that should be set in place, the proper checks and balances to make sure your business is well protected from fraud.