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Do you understand why it's important to control who gets into your accounting records?

by , 29 July 2014
When it comes to your company's finances, you must keep every record in a safe place. You must also ensure no one changes any of the information. If they do, it could throw off all your accounting records.

Let's say one of your employees wants to check last month's sales figures. He accesses your documents and accidently changes some of the information or, worse, deletes it.

This will cause serious problems if you ever need those records for an audit or budget meeting.

If this hasn't convinced you of the important of controlling who gets into your accounting records, here are two more reasons...

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You can control internal fraud by limiting the people who have access to your accounting records

 
If an employee accidently changes or deletes your accounting records, it's a big problem. But it's an even bigger problem if he does it intentionally. If he does that, he's defrauding your company.
 
He could do this, for example, if he loses a large amount of money and then changes the books to cover up this loss.
 
This is a serious problem because it opens your business up to all kinds of bookkeeping problems.
 
But there's one more reason why you must limit the number of employees who can access your accounting records...
 

If your employees know what your accounting records say, it'll affect their view of the company

 
It's never a good idea to let all your employees have access to your accounting records. If your financial records show your company is doing well, they may demand more money. 
 
If they see it's doing badly, they may be scared the company is going to liquidate and try to leave. 
 
Either way, it's never a good idea for your employees to see this information. 
 
So limit the people who have access to your accounting records to you, your payroll manager, accountant and CFO.
 
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