At Toran Accounting, we are the local CPA firm that helps Jackson Hole construction companies, and small businesses keep more of the money they earn. When a trusted bookkeeper takes money, it hurts. A lot. Most of the time it happens because the owner never puts a few easy safeguards in place.
If you have a bookkeeper in Jackson WY or do the books yourself, these 10 simple steps are crucial to implement. They are so easy that any owner can start them this week, and most of them are free. The ones that take a little extra help? That is where our small business CPA in Jackson WY team comes in.
1. Never Let One Person Do Everything
Have one person open the mail and make deposits, and a different person check the bank statement. If you only have two people, just switch jobs once a month.
2. Make Big Payments Need Two OKs
Tell your bank that any check or transfer over $1000 needs two signatures. It takes two minutes to set up and will provide a big piece of mind.
3. Look at Your Bank Statement Yourself Every Month
Do not just trust the report your bookkeeper prints. Log in online and scroll through the transactions. Look for anything that seems weird. This should be a monthly ritual.
4. Do Not Give Your Bookkeeper Full Control of QuickBooks or Payroll
Only the owner should be able to add new employees or change pay rates. We can set this up for you.
5. Do Surprise Checks
Once a quarter, ask to see payroll reports or credit card receipts without warning. Verify the subcontractor expenses.
6. Let Employees Report Problems Without Getting in Trouble
Put an internal process in place. Tell everyone they can send tips anonymously. People usually see funny business before the owner does.
7. Review your Financials Monthly
Once a month, pull an entire General Ledger Report and go through every line item.
8. Talk to your bank
Ask your bank for “Positive Pay” and “ACH blocks.” They are free at most local banks and stop fake electronic payments cold.
9. Make a One-Page Rule Sheet for Expenses
Have a solid employee reimbursement policy, require 2 reviews and 2 signatures.
10. Get a Quarterly Checkup from Toran Accounting
We meet once a quarter, 4 times a year. We send out financial statements monthly. We provide you with a general ledger to review. We forecast and project out tax liability every quarter so there are never any surprises.
The Truth About Bookkeeper Theft in Jackson WY
Trust is great. Blind trust is expensive. These 10 steps are simple and every owner should do them. But most owners are busy running the business, not watching every penny. That is why smart owners call Toran Accounting. We set everything up, check it every year, and let you sleep at night.
Call Toran Accounting today for a free consultation. We will tell you exactly which of these 10 steps you already have and which ones need fixing.
