January 27, 2021
Top 8 Reasons to Outsource: Accountability
When you outsource something, you are importing expertise and exporting problems! That may have already been enough to convince you, but in case you want more information, this blog series will cover the eight areas that Miller Management provides when you outsource your accounting and/or payroll with our experts.
Top 8 Categories:
Accountability
Today, we will cover the first topic on the list: Accountability.
Generally speaking, most places can only afford one staff member to cover all the areas of accounting. With Miller Management, you will have multiple staff members working on your account. This provides space for separation of duties and cross-checking of accounts.
MM Internal Controls
The MM Accountant will review all of the Accounts Payable and Payroll Transactions at the end of the month. This is how we get so many eyes on your account. We encourage two un-related people at the organization to receive a digital copy of the financial statements each month and perform their own quality control checks.
We also encourage you to have at least one check signer sign most of the checks so they can check for trends and other issues. For more information on this idea, visit our Check Signers post.
While we have multiple people working on the account, at least once each year someone other than your primary contact will work on your account. One of those reasons is due to our mandatory vacation policy of at least one week for all Miller Management staff. This provides an additional level of accountability as someone with “fresh eyes” can review your processes.
Your Internal Controls
We understand there are usually multiple barriers to financial accountability, but we don’t believe that is a big enough excuse to not be good stewards of the money that has been entrusted to you.
One reason fraud is rampant in non-profits is primarily due to the lack of internal controls. When outsourcing, their is another “set of eyes” involved and your chances of fraud are greatly reduced.
To learn more about fraud, how to set up controls before there is an issue, or what to do when fraud is found, learn more in our Anti-Fraud blog series.
View the 2020 ACFE Report to the Nations here.
Up Next
View the next post in our Outsourcing series on Expertise.
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