While most individuals are worried about strangers getting their
hands on and misusing their personal information, the people who 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. 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 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 accounting, and that seems to be where we see it the most.
A seasoned outsourced accounting firm will work with a business to implement
protocols that encourage and support healthy accounting practices. Companies can achieve separation of duties and knowledge redundancy by working hand in hand with an adequately organized firm to split task work and create
efficient workflow processes. 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 are accessible to both the internal team and the 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 accounting to the next level.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
