As a small business owner, you understand the value online tools can bring to your business, whether it’s accounting software or an expanding e-mail database of customers. Online tools also can help in your fight against fraud.
Small business owners who lack the time or resources to keep track of their money are more susceptible to fraud and crime. Automating your finances is a practical way to overcome these resource constraints and more effectively protect your business.
Employee theft — occupational fraud — costs employers billions of dollars annually and is 10 times more likely to occur than Internet crime. Fortunately, there are simple controls you can implement to protect your business.
In your business, every time someone physically handles a check or cash, it increases the opportunity for fraud. To mitigate this risk, consider collecting money electronically — a safer, cheaper, faster and easier way to collect.
Most financial professionals are more comfortable delivering services than promoting them. At the end of the day, demand generation — your ability to generate interest, inquiries, new leads and proposals — is a good thing for your practice and your reputation.
Use your payroll management system to help distinguish between employees and contractors. The system can automatically take care of tax deposits and filings, as well as supply year-end tax forms for both types of workers. To learn more, click here.