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Jackie Joyner-Kersee

Business Advisory, Personal and Corporate Taxes, Business Start-Up, Bookkeeping

News You Need to Know

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Now viewing: March 2019

Protecting Our Customers from Fraud

Posted March 29, 2019

An unfortunate reality of owning a business is that you could be dealing with fraud at some point. As per Xero.com

“According to the world's largest anti-fraud organisation, the Association of Certified Fraud Examiners (ACFE), small and mid-sized businesses are the most common victims of organisational fraud. And the effects can be more damaging.

Small businesses report 31.8 percent of all instances of fraud—a higher rate than for larger businesses—and suffer greater losses in relation to their size. And more than half of all small businesses that suffer fraud don’t recover any losses.”

How Well Do You Know Your Employees?

Small- and medium-sized businesses are shockingly vulnerable to fraud and theft from employees. Small business owners can have long-term staff that they think of as friends or even family, and their employees can take advantage of this by engaging in fraud and theft from the business.

The First Step Is Knowledge

An important function that Shaw & Associates Chartered Accountants can offer our clients is information on how to avoid becoming a victim of employee fraud. Being knowledgeable about how fraud and theft happens within a business, and how to prevent it, can be extremely useful to our clients.

Policies Can Help Reduce Fraud and Theft

We can examine the procedures our clients have in place already, and work with them to institute new policies and procedures to limit the risk of fraud and theft. Shaw & Associates can also act as the “bad guy” if necessary — “our accountants say we can’t do this, so we have to separate these duties,” — if business owners aren’t comfortable with putting new limits on long-term employees.

Divide Your Duties!

Small businesses can often have very few people doing all the duties, some of which should be separated as a check on fraud. Having Shaw & Associates divide duties involving cash, cheques, and accounting by acting as a virtual Chief Financial Officer (CFO) can prevent in-house fraud. For example, your accounting clerk can input all the accounting data, but the cheques are run by Shaw & Associates.

Fraud is common, unfortunately, but Shaw & Associates can help you figure out where your vulnerabilities are, and fix them before a crime occurs.

Contact Shaw & Associates Chartered Accountants for accounting help you can count on. One complimentary meeting with us will put you and your business on a more profitable and positive path.


The Importance of Bookkeeping for Your Business

Posted March 11, 2019

Stay On Top of Your Business Transactions

Businesses of all sizes generate financial transactions. Staying organized and up-to-date on these transactions is critical for business success—all the decisions you make for your business are better decisions when they are based on current information.

Day-To-Day Financial Records

Small businesses tend to have an accountant that looks after their taxes, and may do quarterly reviews of the business. These are a great idea for small businesses, but a bookkeeper that enters your daily transactions regularly is also a very good idea.

Order Out of Chaos

As noted by Xero.com:

“Bookkeepers create order out of chaos. They take all the numbers, receipts, bills and other accounts data that flows through your business. They funnel it all into your accounting software—into the right reports and the right account.

They turn all this data into meaningful financial information. It will all be in the correct place, properly filed and organized. This can be used to give you an immediate view of the health of your business.

A good bookkeeping partner will be with you every step of the way as your business grows. So it pays to take your time and make sure you hire the right one.”

Want to know more about the value of using a bookkeeper? Check out this video from Allan Madan.

Custom-Built Bookkeeping Plan

Shaw & Associates Chartered Accountants can do all the bookkeeping that your company requires. We will work with you to create a bookkeeping plan that is custom-built for your business, looking after your books as frequently as you require. If you use accounting software, we can work with it, either online or in-house. We will also generate reports for you, to see exactly how your business finances are doing.

Don’t Miss Important Dates!

Shaw & Associates can also keep track of your important accounting dates (GST return due, income tax due, quarterly accountant meetings, etc.), and make sure that up-to-date information for these deadlines is provided.

You’re busy running your business; it will help with your workload and your stress to know that Shaw & Associates is looking after your bookkeeping and your important accounting deadlines.

Contact Shaw & Associates Chartered Accountants for accounting help you can count on. One complimentary meeting with us will put you and your business on a more profitable and positive path.