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How a CPA Helps With Early Detection of Employee Theft

Posted by Admin Posted on Nov 02 2018

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If you suspect that an employee is stealing, you need to have proof. One way to get that proof is to work with a Las Vegas CPA. The CPA can take a look at your accounting and ensure that every dollar has been properly accounted for. You can also take these actions to safeguard your company's financial information.

 

 

Limit Access

It is important to limit access to your company's electronic financial records. Your accountant and you should have access. You may not want to share access beyond that. If there are co-owners of your company, they should have access. If your company has a bookkeeper for payroll purposes, limit that employee's access to payroll only and nothing else.

 

 

Create Procedures and Follow Them

If you have a bookkeeper to handle the payroll, that person should do everything but the final action. You should be the final one to review and click to make the payments happen. Keep track of all financial documents and track who uses them. Make sure that you maintain records of who bills you, how much the bill is, how much you paid and who paid the bill. These practices also help increase the efficiency of your organization.

 

 

Set Up a Two-Factor Authentication System

Just like a two-factor authentication system keeps your personal digital records safer, this practice can also keep your business records and inventory safer. If you have a bookkeeper handling payroll, that person should not also handle accounts receivable. Your accountant should do that activity. If one person is responsible for recording inventory deliveries, another person should be in charge of deciding whether a damaged item is salvaged or sold. It is a good idea to keep as close of an eye on your inventory as you do on your bill payments for accounts receivable.