The following is an excerpt from David Harris’ newsletter. For more info, please follow David on twitter @fraudguru. “Monitoring for fraud is actually far easier than most dentists and consultants think. Regardless of the specific embezzlement methodologies being employed, the behavior of thieves is remarkably predictable. Embezzlers want to control communication in their offices, […]
There’s a disturbing trend we’re seeing more of these days – the start-up company with significant investor backing that decides to hire a CFO.
In order to save money, and since it really shouldn’t be that difficult, that person also gets tasked with doing the bookkeeping.
And that’s where the problems start. It is very rare to find a CFO who is knowledgeable and comfortable with doing bookkeeping since it requires a completely different skill set and training.
When money is tight, as it always is for a start-up, it would better to find a part-time CFO and outsource the bookkeeping. That way you ensure that you are getting the right skill set for the right job.
This will save a lot of time and money down the road.