Finance Friday: Avoid Risk Through Better Management of Financial Staff 3/18/16

A Quicker Start to Understanding Your Finances and Reaching your Goals

Wendelyn Duquette, M.S.Serving QuickBooks Clients Since 1996

Stowe, VT • 802-253-6008 • www.QuickStartQB.com

Managing Accounting/Bookkeeping Staff

Wendelyn Duquette – Stowe, VT

• Masters in Organization and Management• Founded QuickStart in 1996 • Specialize in serving Non-Profit organizations• Serve approximately 60 clients a year through

Simplifying existing accounting systemsAccounting System ConversionsQB TrainingQB File check-upsOutsourced Controller Service

A Quicker Start to Understanding Your Financials and Reaching Your Financial Goals



Reduce Your Risk Through Better Management of Your

Accounting/Bookkeeping Staff


Special Thanks ToVELCOThe High Meadows FundA.D. Henderson Foundation National Life Foundation People’s United BankVermont Community Foundation




Questions

802.862.3966

Today’s Objectives


1. Better manage accounting staff

2. Understand elements of sound policies3. Understand how both can help reduce

your exposure to fraud

Disclaimer


1.This is not a comprehensive list 2. You will have to pick & choose 3. Nothing guarantees immunity from

fraud


Write down one or two things that you hope to

learn today.


Most accounting staff are capable and honest!

Assumptions

Assumptions


1. Accounting staff may be the sole possessor of fiscal information 2. ED and Board may have limited fiscal

knowledge3. Imbalance of knowledge creates

management challenges


You must be vigilant!

You must be vigilant!


1.Educate yourself

2.Manage & hire staff

3.Ensure sound written accounting policy


Educate Yourself


Ask your staff questions••Ask your board• •Ask your auditor or accountant

Educate Yourself


Attend seminars/workshops••Hire an outside professional


Managing & Hiring Staff

Check References


Beware of “So and so worked here from date to date that is all I can say”•• Do not rely on phone numbers provided by

applicant

Check References


You may also want to talk to the HR Director/Business Manager••Require all accounting staff to undergo a

background check



Universal Background Checks: 877-263-8033

Vermont Criminal Records:

Staff should unhesitatingly:


•Help you understand•Will answer all your questions •Produce any document you request

Be Wary of Staff Who:


•Protect their turf•Do not want to share•Assume you can not understand •Say “Just leave it to me”

A Point to Remember


Accountants work with numbers for a reason•• Do not confuse poor interpersonal skills for

hiding something•• Hire a consultant if needed



Systems – One Size Does Not Fit All Size of your organization and staff••Nature of your organization••How cash flows in and out••Board involvement


Separation of Duties (examples)


Make deposits orReconcile the bank and credit card accounts

Process Payables or Sign checks


Stamps–for Better or Worse


Do Use a For Deposit Only stamp● ● For Deposit only with Bank Account on it



● Have a non-accounting staff open mail

● Stamp all checks as soon as mail is opened



● When you are away give stamp to a non-accounting staff

●Do not use Signature Stamp or Electronic Signatures


Checking Accounts


Check SecurityKeep all checks lockedInsist on seeing voided and re-issued checksLook out for out of sequence checks (more later)

Checking Accounts


Review bank statement reconciliation reports Verify signaturesAsk questions if you do not understand something


Credit Cards


•Know where all the credit cards are at all times

•Enter all CC transactions just like your bank account

•Reconcile in you accounting software each month


Online Purchasing


1. PayPal

- This should be treated just like a bank account

- Record all transactions - Reconcile and print statements monthly

Online Purchasing


2. Amazon• Insist on a printed receipt for every

Amazon purchase or •Print the Amazon statement


QuickBooks Specific


•Print on check as field•Print signature on check• Insist on logons for everyone using QB•No one should use the ‘Admin’ login•View missing/duplicate Check Report

Print Name on Check As: field


Print Signature Image: on check


Everyone Uses a Unique Logon*


*Use the Admin logon only for admin only tasks

Missing/Duplicate Check Report



Next Steps


Write Down one or two steps that you will take to better manage the finances of your organization.





Managing Accounting/Bookkeeping Staff

Wendelyn Duquette – Stowe, VT

• Masters in Organization and Management• Founded QuickStart in 1996 • Specialize in serving Non-Profit organizations• Serve approximately 60 clients a year through

Simplifying existing accounting systemsAccounting System ConversionsQB TrainingQB File check-upsOutsourced Controller Service