Oct 30, 2020
In most cases, an in-house construction bookkeeper starts with good intentions, and over time they become complacent and jealous of the lifestyle they see the contractor enjoying. Unfortunately, they rarely experience life in construction outside the climate-controlled, clean office with good lighting, real restrooms, beverages, and a relatively quiet environment.
It makes perfect sense for you to delegate all the mind-numbing bookkeeping services tasks as you can. Contractors who want someone to provide Contractor Bookkeeping Services and pay the bills are practically waving a Red Flag and holding a sign that says, I'm stupid, pay my bills and embezzle as much of my money as you want!
When Do Most People Buy A Burglar Alarm? After Being Robbed, Not Before!
Whenever you think it is a good idea to give your in-house bookkeeper or any Outsourced Contractor Bookkeeping Service full unrestricted access on your online bank account, savings account, payroll account, or credit card so they can save you time by paying your bills - take two aspirin and lay down for a nap, when you wake up and still feel it is a good idea, think again and review these telltale signs:Your bookkeeper...
- asks for signature authority on your checking/savings/payroll accounts
- has a lifestyle that seems above what they are earning
- takes Records Home to work on, or they want to work in the office when no one is around (Fraudulent activities are easier when nobody is around)
- refuses to take a vacation
- has access to your credit/debit cards
- receives mail-order packages at work
- tries to explain delinquencies tax notices
- misplaces payroll receipts, deposit records, supplier letters, and estimates
- has QuickBooks in a complete mess, and you cannot understand any of it
- is the primary contact for your company's banks, auditors, creditors, etc. (gets angry when you ask for a QuickBooks report)
- tries to blame the previous bookkeeper or outside accounting firm for messy QuickBooks
- gets defensive when you or your CPA asks questions
- makes the bank deposits, and they seem to be too small
- does not get along well with other employees and staff members.
- suggests they could save money by getting rid of the outside accounting firm
There are more warning signs, but it's more important to be aware of the actions you can take:
Contractors with bookkeepers paying their company bills are begging to be embezzled. Protect yourself, your family, and your company.
There is much work here, but it could save you thousands if not hundreds of thousands of dollars. One of the best ways to limit your bookkeeper embezzlement exposure is to outsource your bookkeeping services to us because we handle all construction bookkeeping services chores, and we never touch your money.
About The Author:
Sharie DeHart, QPA is the co-founder of Business Consulting And Accounting in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on how to manage the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or firstname.lastname@example.org