![]() ![]() Step 5 – Regularly review your Profit and Loss statement and Balance Sheet.Step 4 – Split out the payment and accounting functions.Step 3 – Restrict access to changing bank account details in Xero.Step 2 – Invoices are approved by the purchaser before they are paid.Step 1 – Restrict access to authorize payments in bank accounts.7 steps to protect yourself from fraud (using Xero).In this post, we’re sharing tips to help protect your eCommerce business from fraud, including: It takes time and effort to recover the money stolen by perpetrators, and many organizations are never able to fully do so. However, if you are naive or don’t have proper systems and processes in place, you could be opening yourself up to fraud. ![]() If you spot any of these fraud red flags, follow these 7 steps to protect your business’ finances.ĭid you know that the typical b usiness loses 5% of revenue each year to fraud, according to a recent Association of Certified Fraud Examiners Report?įor many eCommerce entrepreneurs, hiring someone to manage their accounting is a great move. ![]()
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