Prevent Bookkeeping Fraud with Two Sets of Eyes

Bookkeeping fraud is an issue that’s still too little understood by the vast majority of SME owners present in North America. Are you the administrator of a locally relevant company, and in the last couple of years, have your operations expanded at a predictable rate? If so, the profitability of your services has probably risen as well, which naturally attracted the unwanted attention of fraudsters. Bookkeeper fraud is, unfortunately, all too common in the current financial medium, and you, as a business owner, can never be too careful, especially so when one modification in your financial data could have significant ramifications for your profitability.

As a professional bookkeeping agency, our role is to ensure that your financial recordkeeping data is probably cataloged and appropriately stored for IRS inspections. However, at the same time, we understand that you might have reservations regarding our credentials and you might be weary about the access you are prepared to give to our employees. That’s natural, and it’s part of doing business in this field. Therefore, to put our customers at ease, our agency implements a “two sets of eyes for one task” policy, in which your bookkeeping operations will be constantly surveyed by two financial recordkeepers, one senior and one junior.

The benefits in this case are twofold. To start, most bookkeeping operations necessary for the continuation of daily activities involve transactional cataloging procedures, which are not necessarily complex but rather time-consuming. It will make, therefore, more sense for these tasks to be handled by a junior employee, who will reduce the costs of the financial recordkeeping operations. Secondly, enabling dual control over your firm’s financial tasks means that no single individual will have total control over your transactions. The result? A reduced likelihood of bookkeeping mistakes and more chances to prevent fraud.