Does one person at your office handle payroll from start to finish?
Is the same person who processes your bills also the one who has access to the checkbook?
If so, your company's internal controls are at risk. By hiring an outside company to manage your financial processes, you will have a suite of staff who have specific tasks which do not overlap in areas where fraud may occur.
What DMS can do for you...
Implement segregation of duties so that tasks are divided among different people to reduce risk of error or inappropriate actions. No one person has control over all aspects of any financial transaction.
Make sure transactions are authorized by a central finance lead or bank manager to initiate when the transactions are consistent with policy and funds are available.
Ensure records are routinely reviewed and reconciled, by someone other than the preparer or transactor, to determine that transactions have been properly processed.
Document policies and procedures specific to your internal processes, providing day-to-day guidance to our staff and continuation of duties in the event of prolonged employee absences or turnover.