Nathan Owen, CPA, is an expert is accounting for contractors. In this episode he discusses best practices for subcontractors’ back offices as well as preventing fraud amongst your employees. Nathan’s company, Vine Financial Partners, provides full scope accounting solutions. Enjoy the episode! And one more thing…follow us on Instagram and Facebook for more tips and ideas to improve your business!
[3:00] – The need to have your policies and procedures written down.
[4:30] – Protecting yourself by getting info from customers for invoicing, checking credit and references.
[8:50] – Incorporating Accounts Receivable reports are circulated during staff meetings.
[11:20] – Fraud risk is highest in the area of accepting payments.
[12:30] – Fraud is often driven as much or more by opportunity than motive.
[13:10] – The need to monitor bank reconciliations.