It is a time of increased financial crime in New Zealand.
A recent survey by the Ministry of Justice revealed a spike in annual fraud and deception crime from 288,000 to a whopping 510,000 cases in a single year. Mad, isn’t it?
Is your business safe?
Looking at the statistics, it’s common sense to want protection against fraud for your own business.
Studies reveal that it’s difficult to spot employees with fraudulent tendencies. Around 87% of staff who have committed fraud were first-time offenders, with 84% of them having a clean employment record.
How in-house employees may commit fraud
Having better access to and control of sensitive financial records, the company’s lack of proper fraud detection technology, irregularities in auditing and compliance checks, are the main reasons as to why fraud is easier for in-house employees.
This is where outsourced virtual accountant and tax accountant services come in handy. But how? Let’s take a squiz.
4 ways that virtual accountants and NZ tax experts can prevent fraud
#1 The use of cutting edge fraud detection technology
Virtual accountants use cutting edge software to minimise human error and maintain updated accounting practices.
Most of these software have built-in fraud detection algorithms.
#2 Division of duties and responsibilities
Virtual accounting firms assign different responsibilities to different professionals within the firm. For instance, tax services are handled by tax accountants, etc.
So no single person has complete access to all your financial information and resources.
#3 Controlling access
Restricting access to your accounts is another way that virtual accountants prevent the irresponsible handling of your confidential data.
They also have highly restricted control over decisive financial actions relating to your business.
#4 Regular auditing
All financial firms – including virtual accounting firms – implement regular auditing procedures to establish industry standards compliance for accounting and tax services. These audits are crucial in detecting fraud.
We can help you out – Top Virtual Accounting Services NZ
Notice anything sus about your finances?
Our highly skilled NZ chartered accountants will keep you safe from fraud. We’re among the top NZ tax experts and virtual accountants. Drop us a message on the chat and we’ll take it from there.
There’s more reasons why you should consider outsourcing your accounting tasks. Check out our Ebook to find out how outsourcing can help your business.
Drop your email on the chat and we’ll send it to you for FREE.
