2. Reduce Your Fraud Risk
Companies with fewer than 100 employees often fail to implement formal financial management controls (especially internal audits). They are three times more likely to discover instances of fraud by accident and almost twice as likely to detect fraud when notified by an outside authority.
Even with thorough background checks and cash management policies in place, fraud is still a real risk. When you outsource your financial management to an impartial third party, you significantly reduce fraud.
Lescault and Walderman help our clients reduce fraud risk by:
- Segregating purchasing, receiving and cash disbursement responsibilities
- Implementing secure procedures for receivables
- Verifying the proper authorization of purchase orders and invoices
- Periodically reviewing purchasing patterns and vendor documentation
- Utilizing analytical tools to monitor activity and compliance
Having an outside accounting consultant oversee your everyday numbers and reporting practically guarantees compliance and zero-balance accountability.