5 Simple Steps to Prevent Expense Fraud

For thousands of bookkeepers Melbourne, the first thing they notice when taking on a new client is expense fraud. Now, for most, they wouldn’t think this was such a big deal or indeed possible but in actual fact, frauds occur so very frequently. The trouble is that some expense frauds are hard to notice and if you aren’t someone who takes care of the books personally then it’s a nightmare. However there are many simple and effective ways to help prevent this from happening.

You Must Clarify Your Expense Reports Reporting Times

Most businesses have a straightforward policy when it comes to their expenses and yet they can be so easily ignored. It is vital to ensure any and all employees submit their expense reports in a timely manner. Expenses should be submitted to you or the right department within at least one month. Thirty days should be sufficient time to get the necessary expense reports together and in. Also you should never accept larger expenses without proof such as a receipt. This will make it far simpler for your bookkeeper too and this will help to ensure no frauds are committed. It is easily done so make sure your employees know the limits.

Ensure Employees Are Given Information about the Expense Policies

Some businesses hand over an employee handbook in which states facts about the role they are in, however, some of these books do not include expense policies and potential violations. That can be a real issue simply because the employee may not be aware of what those policies are. It would be a great idea to prepare a very brief document or handbook on the expenses and the policies too. The handbook can cover things such as what are classed as expenses and how to prepare expense reports also. Violations and other legal matters can be added and this will ensure the employees are aware of the consequences too. To find out more, check out www.bookkeeperco.com.au.

Have a Reviewing System

Do you actually look at your current expense reports or just hand them over to another department? If you do, it’s time to stop! It is crucial for there to be a basic reviewing system in place so that you can ensure all expenses are legitimate and approved. You can do this yourself or get a third-party individual to do so for you and any red flags can be reviewed by you personally. If there is something that needs more clarity, then ask the employee about the expense; your bookkeepers Melbourne will probably advise you the same thing. You might think it’s not necessary as you trust employees but you never know what they might be tempted to do. Also, it protects your business integrity.

Conduct Spot-Checks Of the Past History of Employees

Things can slip past you even when you conduct a rigorous reviewing system which is why it’s necessary to think about spot-checks. These are good and can give you a very in-depth look at employee’s expense reports over the last few months. It is good practice to do this and while you might not find anything out-of-the-ordinary, it can put your mind at ease your employees are trustworthy. Bookkeepers will often do the same thing; to find out more, check out www.bookkeeperco.com.au.

Deal With Any Suspicious Expense Reports

If you do come across one or two expense reports that don’t seem to add up, you need to investigate them more closely. You have to look into what the employee’s claim as expenses and find out whether or not it’s a legitimate expense. If you don’t believe it is, call the employee in and ask for proof like a receipt. After talking to the employee and you still think something isn’t right but can’t quite prove it, give them a verbal talking to and explain that there was an issue with their expenses. This may help prevent another issue later. Ask your bookkeeper and he or she will say it is a good practice to think about.

Expense Fraud Can Happen So Be On Your Toes

While you might trust all employees and believe they will never intentionally steal from you, you just can’t be sure. We live in a world where money means everything and sometimes, employees are desperate enough to try to claim something back. That is why you have to do your best to prevent fraud from occurring. The above steps may just help you. Contact your bookkeeper and ensure he or she knows your policies on expense fraud too. Click here!

Top 4 dental bookkeeping mistakes that could cost you thousands

Bookkeeping-Mistakes

Nothing will cripple a growing dental practice faster than having cash flow trouble from bookkeeper. Basic accounting errors can bring about an expansive influence that outcome in serious budgetary issues. Most dental specialists are specialists at their art. They know how to keep teeth solid. Be that as it may, most dental specialists are ignorant of the correct strides to make and keep up an exact accounting framework that permits them to comprehend the genuine budgetary soundness of their business.

Accounting for dental practitioners requires a comprehension of the practice as it identifies with bookkeeper.

Here are the main four basic accounting botches made by dental practices, and the expensive affect it these slip-ups can bring about.

Not understanding the difference between cash flow and profit

Most dental specialists and their in-house accountants don’t know how to peruse and comprehend money related reports. At the point when the dental specialist asks for the figures for a specific period from the bookkeeper, it is a typical and expensive error for the clerk to give the dental specialist the benefit figures. The dental specialist unwittingly supposes this is the money accessible.

The issue with this is the benefit sum does not speak to the money accessible for buys. Accordingly, the dental specialist makes buys and acquires overdraft expenses and additional charges.

Accidentally recording transactions in a previous period

The practice ought to “close the books” on a month to month premise. Shutting the books incorporates accommodating the diverse records, setting up the money related articulations, and that’s just the beginning. After the books have been shut for the period, exchanges ought not to be entered and changes ought not to be made for that shut period.

A typical and exorbitant slip-up is to coincidentally enter exchanges from a past period, which results in parity conformities that don’t coordinate the bank equalization or budgetary reports. In the event that this mistake goes unnoticed, every single future report, charge archives, and money figures will be off base. This can bring about multiplying the expense to repair the financials, deception of money, or unforgiving punishments from the IRS.

Not using an industry standard chart of account

The graph of records is utilized to track how cash is spent or got, and to set up the money related reports for the practice. While setting up a bookkeeping framework, exceptional records ought to be set up and followed by industry models. A typical misstep made by dental specialists is to utilize a general diagram of records, or having an unpracticed clerk make a mistaken outline.

The aftereffect of this immoderate oversight is that when the money related reports are readied, they won’t furnish the dental specialist with the knowledge expected to streamline and develop the practice adequately for bookkeepers.

Not working with an experienced dental bookkeeper

Working with a bookkeeper that represents considerable authority in dental accounting will guarantee an exact perspective of the money related states of the practice at all times. This promises the practice monetary explanations are set up as indicated by the General Acceptance Accounting Principles, the IRS rules, and the dental business models.

Dental specialists will see these mix-ups when they get a high assessment charge, burglary happens because of absence of inside controls, there is an erroneous compromise of money and high receivables figure, and there is an off base and questionable bookkeeping framework.

Sound budgetary administration starts with comprehension the one of a kind accounting abilities expected to adequately work a dental practice. An accomplished bookkeeper can help precisely track dental duty findings, spare time, and spare cash, execute a successful operation framework, and give the dental specialist peace of cash.

Always visit http://bookkeeperco.com.au/ if you need more help and informations .

Accountant Vs Bookkeeper: What Do They Do For A Business?

A bookkeeper is very much needed in the world today because they play a vital role within a business. However, accountants are the same; they are very important and they too also play an important part within a business. Yet, there are thousands of people, even businessmen who often get the two confused. So, what do accountants and bookkeepers do within a business?

Bookkeeping

Most bookkeepers have the duty of dealing with the daily transactions within the business. Their role is to document what money is coming in and what money is going out. For instance they document the purchases, the sales and receipts given for services as well as all payments made or received. In a sense, bookkeepers write the data of all financial activities within the business.

Accounting

Essentially accountants take the bookkeeping information and turn it into readable information for that business. They are required to verify all of the data they read from the bookkeeping ledger to ensure all financial records are correct. The information can then be converted into reports for the business so that the business can see where the money is going to and what can be done to reduce spending. Of course, without bookkeepers Melbourne the accountants have no data to convert so bookkeeping is an essential part of the business.

Vital Roles

To be honest, a bookkeeper and an accountant are both very much needed within any business today. When you have employees you have even more responsibilities and as such you just cannot afford to make a mistake. However, too many businesses, even those with years of experience believe that if they have one of these services, they don’t require the other. This isn’t exactly true because bookkeepers and accountants both have different roles within the company. Yes, they work with numbers but that is where the similarity ends.

Make Your Business Stronger

Unfortunately there are a lot of businesses across the country that just doesn’t believe accountants or bookkeepers are needed and that is costing them dearly. If you want a successful business and want to succeed then you really need to look at both of these services. They are very important and they can in fact help to make your business stronger than ever before. Choose the right accountant and bookkeepers Melbourne for your business today.

Do You Need Both Services?

Yes – businesses do need a bookkeeper just as they need an accountant. Of course, it might not seem like that for a variety of reasons but essentially all businesses do. Accountants and bookkeepers both perform a crucial service and one cannot work without the other. In a sense, bookkeepers don’t really need accountants because they record all financial data but accountants absolutely require the bookkeepers. Probably the bookkeepers are more needed than accountants but they are still very important.

Winning the Race

When it comes to running a successful business you are going to find that you need every help possible and sometimes that does mean having an accountant and bookkeeper. It does seem wasteful at times but they do different things and that means bookkeepers can’t do the things accountants can and vice versa with accountants. That is why you do have to ensure you have both. Bookkeepers Melbourne is essential and finding a good service isn’t too difficult.

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Why A Business Needs Professional Bookkeeping Service?

A bookkeeper is the service most businesses are going to need today. Yet, there are still thousands of businesses across the world who does not think about using professional bookkeeping. It seems strange but unfortunately most don’t as they don’t believe they are needed. So why should a business look at hiring a professional bookkeeping service?

Keeping the Books in Good Order

Probably the most important reason to say why a professional bookkeeping service is needed is down to the actual books. When the books for a business are clear and in good order then it make it a lot easier to find your weaknesses and strengths. Also, at the end of the year, things can get very complicated indeed which isn’t what you want. However, a bookkeeper Melbourne can prevent this; they can ensure the books are correct.read this news for additional information.

Reduces Costs

There are a number of ways in which you can reduce the amount of money being lost or spent on bookkeeping. For starters you no longer have the requirement for training staff members which can in fact save a huge amount of money and secondly you are using a professional service so fewer mistakes are made. This means you lose less money because as we all know when a mistake is made in business; it usually costs thousands of dollars. However, professionals are fully trained and don’t need to work full time saving you more money. A bookkeeper Melbourne is the professional you want for your business.

No Need for Internal Bookkeeping or Extra Staff

This really follows on from the ability to reduce your costs because when you hire professional services you remove the need for additional staff. There is no need to use an in-house bookkeeping service and can look at reducing the amount of employees as well. This can be crucial when it comes to saving money and putting extra money you waste back into the business. You can in fact invest back into the company when you have a bookkeeper.checkout latest news at http://www.dentaleconomics.com/articles/print/volume-106/issue-2/in-every-issue/editor-s-note/accountants-to-the-rescue.html

Better For Business with a Bookkeeper

When you have a business and have the responsibilities of employees then you need to ensure you do what you can to keep them protected. It might not seem necessary to have a bookkeeper Melbourne but it can be. These are the professionals who help keep your business on track and can teach you so much. It is better for a business to use a professional bookkeeping service simply because you can have a clearer picture over what money is coming in and flowing out of the business. When you know these things you can create a stronger business.

Professional Bookkeeper

Simplicity

Having a business is never easy; you have so many things to be responsible for and the responsibilities keep on coming. However, hiring a professional bookkeeping service can make things easier for everyone. You are not only able to ensure things are running smoothly but can build a better picture of your company also. When your books aren’t in good order then you can often find it much harder to know which areas to improve upon. A bookkeeper can help you to solve these problems.