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.

Find out more informations here: http://www.entrepreneur.com/article/219917

Benefits of Online Bookkeeping Services

Thousands of people search for bookkeepers Melbourne each and every day and it isn’t hard to see why. Though, there are still many who don’t really think too much about using bookkeeping services. For some they see it as an unnecessary cost and one which can be handled in-house but in reality this isn’t always easy. There are so many things that go into running a business and as such you might need a professional to help you but what are the benefits of choosing an online bookkeeping service?

Easy Access

Online bookkeeping services are great for a variety of reasons and one of the biggest and best reasons, along with the best benefit is that they are super easy to access. You don’t need to worry about waiting weeks for the work to be done or the results to be seen. This can of course be very important for most who want to use the services of bookkeepers Melbourne.

Better Control

You still have the ability to be the one who controls all matters. This is certainly something most people worry about but you don’t have to. Yes, it doesn’t always appear to be a great solution but once you get used to how online bookkeeping services work then it can be easy. You don’t need to worry about people getting access to your books without your permission. It is only you and your bookkeeping service that has control which can be important to know to put your mind at ease. You may want to find out more at www.bookkeeperco.com.au.

More Affordable

Let’s be honest, the cost for bookkeepers Melbourne can be quite costly for most people and even if you have a business it is still an expense which eats quite a bit of your profits. However, when you use an online bookkeeping service it can be a lot more affordable. You not only have the ability to save a great deal of cash but the ability to ensure you feel at ease and comfortable with the service you use. That is why more people look at bookkeepers and why more look at online services to help them.

Should You Use Bookkeepers Melbourne

Bookkeeping within a business can be extremely important and sometimes it isn’t easy to do yourself. However, if you have the responsibility of employees then you have to ensure your books are up to date and in good order. Using the services of a bookkeeper can be a lot less complicated than you think and there are plenty of good online bookkeeping services to choose from. To find out more, check out their official website.

Bookkeeping Services

Making the Job Easier For You

Bookkeeping is never an easy thing; professional bookkeepers undertake years of training simply because it is a complicated area. However, when you look at using an online service it can make everything easier for you. This is something you are going to want to consider and something you will love also. You don’t need to spend a great deal of money and when you have bookkeepers Melbourne, even if it’s an online service; you know you are in good hands.