Watch Those Checks!
You’ve worked hard for the money from your small business. Make sure you keep it. One of the things that CPAs talk about is the need for separation of duties in your bookkeeping department. In other words, the person writing checks should not be the person who reconciles the accounts or preparing the financial statements. The person collecting money should not be the person posting the sales or reconciling the bank account. Many business owners try to create that necessary separation of duties by signing checks. That’s a great start, but it’s not enough.
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