9 KEY Tools… A must for ALL Businesses!

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ONE! Always know where your business is financially. Be in control of your finances, banks accounts, etc. on a WEEKLY (if not daily) basis.

TWO! NEVER let anyone else open mail from your bank.

THREE! Always open your bank statements and go through all the spent cheques to ensure they match what was paid and that they are a  legitimate vendor or account.

FOUR! NEVER let your bookkeeper or anyone have access to your business bank accounts for reconciliations, etc.

FIVE! Always keep your cheques locked away and only give your bookkeeper the number of cheques required to pay your payables.

SIX! Always double check your bills to ensure that the cheques correspond exactly with the bill being paid.

SEVEN! Always check the names of the payables and ensure they are legitimate vendors or accounts and ensure they are correctly spelt. Plus, never sign a check without the invoice being attached so that you can double check the details!

EIGHT! Make it mandatory for your bookkeeper to take 1 – 2 weeks of leave per year and bring in another bookkeeper or your accountant to double check things. If your bookkeeper won’t let anyone else see the books… you may have a problem!

NINE! No matter how much you like your bookkeeper or how good a friend they are, never break any of the rules above!

Enjoy and stick to these no matter how friendly you get with your bookkeeper… it’s your money and livelihood!

you can email colin at Colinsprake@gmail.com

Author: Colin Sprake is the CEO of Make Your Mark, a Canadian company of live seminars, online entrepreneur academy and live accountability groups that have helped 10,000’s of Entrepreneurs achieve rapid results in small business growth and development. Colin is a best-selling author of ‘Entrepreneur Success Recipe’ and trains for BMO, Sun Life Financial, Scotia Bank, T.D. Bank and lives by the tagline Business With Soul – putting heart back into business!