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Bookkeeper Theft And What You Can Do About It!
If You Google Search- Construction Bookkeeper Embezzlement you will see thousands of hits and most of the problems companies suffered could have been avoided if the construction owner had known about and followed a few simple guidelines.
#01 Don't Hire A Cheap or Bad Bookkeeper Click Here For More...
#02 - Be Aware Of The Employee Theft 10-10-80 Rule - Discovered over many years of experience and first hand observation by auditors, accountants, fraud examiners, anyone involved in detecting employee theft.
Ten Percent - Of all employees including bookkeepers will steal in a variety of ways from office supplies, petty cash, graft, kickbacks and payoffs from your suppliers, vendors and sub-contractors and even hundreds of thousands or even millions of dollars. They will do it regardless of how many security systems are in place because they lack integrity and have an "taker's" entitlement paradigm that states: "It Is Better To Take Than To Make". They cannot be stopped, only caught! And only then if you have systems in place and if you can convince the criminal justice system to take action, good luck with that!
Ten Percent - Of all employees including bookkeepers will never steal because they have integrity and a "Producer's" paradigm that states: "It Is Better To Make Than To Take". In the end these are the people who will add so much value to your company you cannot help but reward them with more money, benefits and recognition. Because if you do not they will be recruited by your competitors. This is another example of Leveling, click here to learn more.
Eighty Percent - Of all employees including bookkeepers will steal if they feel certain they can get away with it and if circumstances allow for it due to weak integrity and a sense of "Redistributing The Wealth, But Not The Work Or The Responsibility"
#03 - Your Bookkeeper - Asks for signature authority on your checking / savings / payroll accounts
#04 - Your Bookkeeper - Has a lifestyle that seems above what they are earning
#05 - Your Bookkeeper - Takes Records Home to work on or they want to work in the office when no one is around (Fraudulent activities are easier when nobody is around).
#06 - Your Bookkeeper - Refuses to take a vacation.
#07 - Your Bookkeeper - Gets defensive when you or your CPA asks questions.
#08 - Your Bookkeeper - Has access to your credit/debit cards.
#09 - Your Bookkeeper - Receives mail-order packages at work.
#10 - Your Bookkeeper - Has QuickBooks in a complete mess and you cannot understand any of it.
#11 - You Bookkeeper - Tries to explain away delinquency tax notices.
#12 - Your Bookkeeper - Insists on picking up the daily mail.
#13 - Your Bookkeeper - Is the primary contact for your company's banks, auditors, creditors, etc.
#14 - Your Bookkeeper - Misplaces payroll receipts, deposit records, supplier letters and estimates.
#15 - Your Bookkeeper - Makes the bank deposits and they seem to be too small.
#16 - Your Bookkeeper - Show signs of a drinking, drug, or gambling problem or family financial problems.
#17 - Your Bookkeeper - Suggested they could save money by getting rid of the outside accounting firm.
#18 - Your Bookkeeper - Gets angry when you ask for a QuickBooks report
#19 - Your Bookkeeper - Tries to blame the previous Bookkeeper or outside accounting firm for messy QuickBooks
#20 - Your Bookkeeper - Does not get along well with other employees and staff members.
There Are More Warning Signs - To be aware of and action steps you can take.
Outsource To A Professional Bookkeeping Service - That has a Bookkeeping System in place:
They Do Not - Collect your money, make bank deposits or pay any bills or taxes.
They Do - The Bookkeeping including Payroll Processing, Quarterly Tax Reports, Invoicing, Pay Applications, and bank reconciliations and provide you with online access to your QuickBooks so you can generate Job Costing and Financial reports anytime you want too.
Profitable Construction - Companies have known about the value of outsourced bookkeeping services for a long time and now you know about it too!
We Scan Your Receipts And Invoices link the appropriate transactions to QuickBooks or Xero Accounting Online depending on the construction accounting service you are using and provide ongoing Cloud Based Contractors Bookkeeping Services by accountants who understand construction.
For Construction Company Owners who do not need the full power of QuickBooks for contractors and want 24/7 online access we offer Xero Accounting Online and we have custom setup for construction companies. Click Here For More.
Thinking About Outsourcing Your Contractors Bookkeeping Services?
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We Are Xero Accounting Experts Specializing In Construction Bookkeeping Services
About The Author:
Randal DeHart, PMP, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington. He is the leading expert in outsourced construction bookkeeping and accounting services for small construction companies across the USA. He is experienced as a Contractor, Project Management Professional, Construction Accountant, Intuit ProAdvisor, QuickBooks For Contractors Expert and Xero Accounting Specialist and Bill.Com Certified Guru. This combination of experience and skill sets provides a unique perspective which allows him to see the world through the eyes of a contractor, Project Manager, Accountant and construction accountant. This quadruple understanding is what sets him apart from other Intuit ProAdvisors and Xero accountants to the benefit of all of the construction contractors he serves across the USA. Visit http://www.fasteasyaccounting.com/randal-dehart/ to learn more.
Our Co-Founder Randal DeHart - Is a Certified PMP (Project Management Professional) with several years of construction project management experience. His expertise is construction accounting systems engineering and process development. His exhaustive study of several leading experts including the work of Dr. W. Edward Deming, Michael Gerber, Walter A. Shewhart, James Lewis and dozens of others was the foundation upon which our Construction Bookkeeping System is based and continues to evolve and improve. Follow Randal on Google+