How to Maintain Accurate Accounts and Financial Records

As a business owner, one of your responsibilities is to make sure that all financial information is correct and updated. Receipts, purchase orders and other records should be kept organised and not tampered with. Fortunately, there's free online accounting software in the UK that can make you more efficient in this regard.

Online account software can be beneficial for your business. When used in tandem with the services of a professional accountant and bookkeeper, it will help you record correct information and prevent discrepancies resulting to false accounting.

This happens when someone in your organisation deliberately falsifies financial records, or replaces existing information with something exaggerated or understated. In fact, adding a relatively small amount to an expenses claim is already considered an act of fraud. Actions like these can be seen as a reflection of your organisation's financial status.

If an employee is caught falsifying accounts, the National Fraud Authority should be contacted. The police can conduct an investigation, and you can look for a way to replace the losses caused by the employee, who will then be placed under suspension if such a clause exists in their contract. To determine how much was lost and how the fraud was done, it would be best to hire an accountant outside your business.

To be protected against fraud, theft and other financial problems, make sure to be thorough when recruiting new employees. Check references and see to it that the ones you welcome into your business are reliable. Don’t tolerate employees who commit such malicious acts. Also, do not forget to check your bank statements regularly and observe proper auditing processes.

By doing proper record keeping procedures, you will prevent theft, fraud and avoid the legal implications of false accounting. See to it that you have the best free online accounting software that allows you to manage your accounts online and share data with your accountant, bookkeeper, secretary and business partners at any time and place. And if you are in need of payroll or bookkeeping services, look no further than ACB Office Services.