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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
Wendelyn Duquette, M.S.Serving QuickBooks Clients Since 1996
Stowe, VT • 802-253-6008 • www.QuickStartQB.com
Reduce Your Risk Through Better Management of Your
Accounting/Bookkeeping Staff
A Quicker Start to Understanding Your Financials and Reaching Your Financial Goals
Special Thanks ToVELCOThe High Meadows FundA.D. Henderson Foundation National Life Foundation People’s United BankVermont Community Foundation
A Quicker Start to Understanding Your Financials and Reaching Your Financial Goals
Wendelyn Duquette, M.S.Serving QuickBooks Clients Since 1996
Stowe, VT • 802-253-6008 • www.QuickStartQB.com
Questions
802.862.3966
Today’s Objectives
A Quicker Start to Understanding Your Finances and Reaching your Goals
1. Better manage accounting staff
2. Understand elements of sound policies3. Understand how both can help reduce
your exposure to fraud
Disclaimer
A Quicker Start to Understanding Your Finances and Reaching your Goals
1.This is not a comprehensive list 2. You will have to pick & choose 3. Nothing guarantees immunity from
fraud
A Quicker Start to Understanding Your Finances and Reaching your Goals
Write down one or two things that you hope to
learn today.
A Quicker Start to Understanding Your Finances and Reaching your Goals
Most accounting staff are capable and honest!
Assumptions
Assumptions
A Quicker Start to Understanding Your Finances and Reaching your Goals
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
A Quicker Start to Understanding Your Finances and Reaching your Goals
You must be vigilant!
You must be vigilant!
A Quicker Start to Understanding Your Finances and Reaching your Goals
1.Educate yourself
2.Manage & hire staff
3.Ensure sound written accounting policy
A Quicker Start to Understanding Your Finances and Reaching your Goals
Educate Yourself
A Quicker Start to Understanding Your Finances and Reaching your Goals
Ask your staff questions••Ask your board• •Ask your auditor or accountant
Educate Yourself
A Quicker Start to Understanding Your Finances and Reaching your Goals
Attend seminars/workshops••Hire an outside professional
A Quicker Start to Understanding Your Finances and Reaching your Goals
Managing & Hiring Staff
Check References
A Quicker Start to Understanding Your Finances and Reaching your Goals
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
A Quicker Start to Understanding Your Finances and Reaching your Goals
You may also want to talk to the HR Director/Business Manager••Require all accounting staff to undergo a
background check
A Quicker Start to Understanding Your Finances and Reaching your Goals
A Quicker Start to Understanding Your Finances and Reaching your Goals
Universal Background Checks: 877-263-8033
Vermont Criminal Records:
Staff should unhesitatingly:
A Quicker Start to Understanding Your Finances and Reaching your Goals
•Help you understand•Will answer all your questions •Produce any document you request
Be Wary of Staff Who:
A Quicker Start to Understanding Your Finances and Reaching your Goals
•Protect their turf•Do not want to share•Assume you can not understand •Say “Just leave it to me”
A Point to Remember
A Quicker Start to Understanding Your Finances and Reaching your Goals
Accountants work with numbers for a reason•• Do not confuse poor interpersonal skills for
hiding something•• Hire a consultant if needed
A Quicker Start to Understanding Your Finances and Reaching your Goals
A Quicker Start to Understanding Your Finances and Reaching your Goals
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
A Quicker Start to Understanding Your Finances and Reaching your Goals
Separation of Duties (examples)
A Quicker Start to Understanding Your Finances and Reaching your Goals
Make deposits orReconcile the bank and credit card accounts
Process Payables or Sign checks
A Quicker Start to Understanding Your Finances and Reaching your Goals
Stamps–for Better or Worse
A Quicker Start to Understanding Your Finances and Reaching your Goals
Do Use a For Deposit Only stamp● ● For Deposit only with Bank Account on it
Stamps–for Better or Worse
A Quicker Start to Understanding Your Finances and Reaching your Goals
● Have a non-accounting staff open mail
● Stamp all checks as soon as mail is opened
Stamps–for Better or Worse
A Quicker Start to Understanding Your Finances and Reaching your Goals
● When you are away give stamp to a non-accounting staff
●Do not use Signature Stamp or Electronic Signatures
A Quicker Start to Understanding Your Finances and Reaching your Goals
Checking Accounts
A Quicker Start to Understanding Your Finances and Reaching your Goals
Check SecurityKeep all checks lockedInsist on seeing voided and re-issued checksLook out for out of sequence checks (more later)
Checking Accounts
A Quicker Start to Understanding Your Finances and Reaching your Goals
Review bank statement reconciliation reports Verify signaturesAsk questions if you do not understand something
A Quicker Start to Understanding Your Finances and Reaching your Goals
Credit Cards
A Quicker Start to Understanding Your Finances and Reaching your Goals
•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
A Quicker Start to Understanding Your Finances and Reaching your Goals
Online Purchasing
A Quicker Start to Understanding Your Finances and Reaching your Goals
1. PayPal
- This should be treated just like a bank account
- Record all transactions - Reconcile and print statements monthly
Online Purchasing
A Quicker Start to Understanding Your Finances and Reaching your Goals
2. Amazon• Insist on a printed receipt for every
Amazon purchase or •Print the Amazon statement
A Quicker Start to Understanding Your Finances and Reaching your Goals
QuickBooks Specific
A Quicker Start to Understanding Your Finances and Reaching your Goals
•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
A Quicker Start to Understanding Your Finances and Reaching your Goals
Print Signature Image: on check
A Quicker Start to Understanding Your Finances and Reaching your Goals
Everyone Uses a Unique Logon*
A Quicker Start to Understanding Your Finances and Reaching your Goals
*Use the Admin logon only for admin only tasks
Missing/Duplicate Check Report
A Quicker Start to Understanding Your Finances and Reaching your Goals
A Quicker Start to Understanding Your Finances and Reaching your Goals
Next Steps
A Quicker Start to Understanding Your Finances and Reaching your Goals
Write Down one or two steps that you will take to better manage the finances of your organization.
A Quicker Start to Understanding Your Finances and Reaching your Goals
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