How to Prevent Fraud
You may have read these recent local headlines (click link to read article):
- Two charged in Windham embezzlement cases
- Ex-Stow selectman pleads guilty in embezzlement case
- Ex-Revere library chief indicted on embezzling charges
- Former Murray's Toggery bookkeeper pleads guilty to embezzlement charge
- Segregate duties. Don't have the same person handle the incoming mail, deposits, checkbook balancing, and invoicing. If necessary, outsource payroll, tax preparation, bookkeeping, and accounts payable - but make sure you do due diligence on the bookkeeping company you work with.
- Review reports daily. Look carefully at cash receipts, credit card payments, and checks. Thoroughly look over all bank statements.
- Watch your overhead. Learn to read your financial statements. Be on the lookout for double payment of supplies, or the creation of dummy vendors. Run periodic credit checks on yourself and watch open lines of credit.
- Have your company's financial records audited regularly (usually quarterly). In addition to scheduled audits, conduct random audits occasionally so anyone stealing doesn't have time to cover up their tracks.
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“Alison is great to work with. She really knows her stuff. She's very collegial and down-to-earth, and is able to explain things in a way that's easy to understand. She can break down complicated financial matters so that even if you're not the most financial type, you know what she's saying. She helps you to understand the ins and outs of accounting, interpreting nuances and recent changes. Alison is very proactive - she's always looking to improve the process. At the end of each tax season, she'd always sit down with me and look for ways to make the next year even better and smoother -- and it always was! In addition, Alison is just a very nice person."
— Jim Linthwaite
Boston law firm