Since 2014, a Moorhead car dealership has been working with the police in an ongoing investigation into embezzlement by two employees at their company. According to court documents, $450,000 was missing from the company. Investigations and legal proceedings over the next 3 years proved that both the accountant and the general manager were guilty and have since been ordered to pay restitution in the amount of $300,000.
It seems like we read stories like this weekly, whether it be a local incident like this one, or embezzlements that have the nation talking.
As a business owner, you know how important it is to protect your company’s financial security – which is why hiring a bookkeeper can be a stressful decision. That’s why so many small and medium sized companies turn to outside accountants or bookkeepers to help manage their finances. By relying on an outside bookkeeper, you’re removing the liability from your business and placing it with someone else. When talking to a bookkeeping firm like 360 Virtual Accounting, ask about their insurance coverage and hiring policies. All bookkeepers should pass a background check, have a high credit score, and a positive work history.
Other questions to ask include:
- Do you have recommendations from other customers you can share with me?
- What is your score with the Better Business Bureau?
- How do you make sure my finances are secure?
- Do you have steps in place that ensure a secure audit trail?
- How many people will be working on my account?
There is no better way to protect your business than by having a professional bookkeeper on your side.