WHY YOU CANNOT ENTRUST ACCOUNTING TO YOUR RELATIVE

#1 Ethical Standards

Your accountant knows a lot about you, perhaps even too much… If you are very lucky, the person chosen due to a close relationship meets the high professional and ethical standards of an accountant. But what if they don’t?

Will your business trade secrets stay in your office? Or perhaps everyone interested will soon know about them?

#2 Negligence

The owner of company “Z.” enjoys life with the conviction that the relative, who has been the company’s accountant for 20 years, is handling the work perfectly, until one day the SRS announces an audit visit…

What now? The very next day, the accountant submits her resignation, and the entrepreneur urgently seeks professional help: “Save me, I only have 3 days left!”

It turns out that the accounting has not been maintained in accordance with regulatory acts at all… The boss is facing serious trouble, but what kind of accountability can he demand?

#3 Risk of Embezzlement

Food wholesaler “L.”, fully trusting his sister-in-law, hands over his bank calculator and entrusts her with the company’s daily bank payments. Then one day he receives calls from one, two, three business partners – payments to them are being delayed or have been made in incomplete, small amounts…

The owner, without thinking much, makes additional payments to these callers and thus does not realize at all that he is facilitating the unauthorized flow of his company’s funds into the accountant’s personal pocket…

#4 Lack of Discipline

If the dear and beloved accountant regularly arrives at work very late, but leaves well before the end of the working day, taking lunch for at least two hours during work hours – well, what can you say to her without ruining the relationship? Not even that reports to the SRS are submitted with a one to two-day delay…

#5 Lack of Confidentiality

During a business meeting with a supplier, the owner of a restaurant chain suddenly realizes that the supplier knows more about the processes happening in his company than he does. It turns out his lady has been on a joint trip with the accountant from that other firm, and furthermore, the supplier paid for her trip… What does she care – her relative won’t say anything anyway!
How can one influence such processes?

#6 Indifference

As usual, every year on December 28, the government delivers another “surprise” by adopting new amendments to tax legislation, but the girl is fine regardless – she doesn’t attend current tax seminars because they are boring. How can an entrepreneur influence her (lack of) education if he is to some extent dependent on this girl’s father?

P.S. In the next letter, you will find out what to do if the director is summoned to provide explanations to the SRS. See you online!