The possibility of business fraud is the dirty little secret that business owners tend to ignore. Unfortunately, there will always be unscrupulous individuals that try to take what is not theirs, even during hard times. Recent reports of bookkeeper fraud serve as a reminder to business owners that fraud never stops, even when businesses are down on their luck. In fact, a global fraud study found that, on average, companies lose 5% of their yearly revenue to fraudulent activities.
While it is easy to imagine fraud occurring by faceless cybercriminals or strangers sneaking in to rob your company of cash and valuable assets, most perpetrators have deep ties to the business, and many are first-time offenders. Many times, the people you least expect are the ones responsible for fraudulent activity – long-time employees, close friends, and even family. These bonds can make it difficult to spot the warning signs, causing fraud to go undetected far longer than it should.
Do you need to hire a bookkeeper? If you are asking the question, the answer is yes!
Most commonly bookkeepers are brought in due to lack of time, lack of financial expertise, or growing business complexities. Whether a bookkeeper is freeing up time for an owner to engage in revenue driving activities or providing deeper financial knowledge, this professional role can be a crucial hire at a growing business.
When you are looking to hire a bookkeeper for your small business, will any bookkeeper do? Or do you need a bookkeeper that specifically works with small businesses? And, what can a small business bookkeeper offer that you cannot do yourself with QuickBooks or another accounting software?
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