QuickBooks is commonplace in many law firms and other companies because it is userfriendly, extremely flexible and can be adapted for virtually any situation, but owners beware!
QuickBooks is an embezzler's accounting system of choice. It is extremely easy to change, delete and alter transactions and information within QuickBooks to reflect anything desired (i.e. concealment). Similar issues exist with Peachtree. Most other systems do not offer these risks and lack of control.
Be vigilant if staff maintains accounts and information within QuickBooks. Features and reports are available within QuickBooks to minimize risk and show devious activity but they are seldom used.
Carefully review all your reports and bank statements. One scheme to watch for is the lapping of client payments. To identify and avoid situations, run detailed reports on deposits on a regular basis and compare the payments posted to those actually deposited.
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