Prevent Finance Staff stealing from you
Listen to Romeo Caporaso of Tax Accounting Adelaide explain an important lesson to avoid a Huge Mistake by your business which is not tightening internal controls enough to give staff access to stealing your business’ funds.
Our tips are to avoid finance staff stealing is to most importantly separate of duties.
Do not allow one person to control all of supplier payments and payroll payment and also be able to do your online banking transfer. Trusting one person may give them access to steal funds, siphon funds into their personal accounts and hide the evidence and make it appear as a business expense. I simple way to separate the duties to minimise staff stealing risk, is to have a to pay a separation of duties with staff doing payroll separately, another supplier processing clerk and for bank payments to be done by another person such as the owner or co authorised by another person.
Signs of trouble:
- One person is able to do payment accounting journals and also the bank transfers;
- People overly controlling all tasks and refusing help or not delegating;
- People not wanting to go on holidays, saying they are too important as they do not want anyway to see their suspicious or stealing behaviour;
- Avoidance to structured reports, perhaps saying they are already doing that or checking those reports, but not forwarding them to stakeholders;
- Losses of data; Deleting data to hide their stealing activity;
- poor e-filing structures such as e- filing date off of the normal server and instead keeping all file son local drives. Again to hide wrongful activity.
Help to make sure you minimise these risks with Tax Accounting Adelaide Services call us on 83374460
- Sole trader, Partnership, Company and Trust Tax and BAS returns;
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than just Bookkeeping, Bas returns and Tax returns – At Tax Accounting Adelaide we use accounting to grow your business