Beware of credit card fraud — it can happen to anyone.
I was shopping at a retail establishment over the holidays and purchased some items with my business credit card. The next day, I was downloading my credit card activity into QuickBooks and spotted some strange charges - they were not large amounts, but they originated from establishments I don't frequent, like McDonalds.
I immediately suspected fraud and contacted the bank. In just a few minutes, they went over the details, reversed the charges and ordered a new card for me. They were really impressed with the fact that I caught it the day the charges came through. Of course, I caught it! In my field, I know to be vigilant about the whereabouts of my money! I log into my financial accounts as well as download and review my bank activity very often into QuickBooks.
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In today's world of scams and identity theft, it's a routine you need to get into: watch your financial transactions. The worst mistake you can make is to wait for that paper statement once a month - in fact the scammers would love for you to do that - this way, they will be long gone with your money!
Log into your bank account and credit card accounts on a daily or weekly basis. Do you recognize and can account for every activity?
Whether you use QuickBooks or Xero or any number of today's accounting software, get into the habit of downloading at the very least once a week. If you don't have accounting software, contact me and I can help you get set up fairly quickly.
This is great business practice both from an accounting perspective, and to get a full view of how your company is doing from a financial perspective.