In this conversation, Zane Stevens discusses the importance of protecting cash and paying valid bills. He shares a story about a costly lesson learned from paying a phony bill and emphasizes the need for good processes to prevent such incidents. Zane also highlights the risks associated with using checks for payments and the importance of cybersecurity in today’s digital world. He recommends having an approval process for payments and using an accountant to ensure accuracy. Zane provides tips for verifying bank details and emphasizes the importance of double-checking payment information. He concludes by encouraging businesses to invest in cybersecurity and good accounting practices.
Takeaways
– Have good processes in place to protect your cash and ensure you only pay valid bills to valid sources.
– Be cautious when using checks for payments, as they can be intercepted or lead to identity theft.
– Invest in cybersecurity to protect your business from phishing campaigns and other cyber threats.
– Use an approval process for payments and consider working with an accountant to ensure accuracy.
– Double-check bank details and verify them through independent means before making payments.
Chapters
00:00 Introduction and Recent Trip
01:06 Focus on Inventory Costing
02:05 Lessons Learned from Paying a Phony Bill
03:12 Risks of Using Checks for Payments
04:37 Importance of Cybersecurity
05:33 Approval Process for Payments
06:02 Recommendation to Use an Accountant
07:13 Risks of Electronic Payments
08:13 Verifying Bank Details
09:01 Double Checking Email Addresses
10:50 Verbal Confirmation of Bank Details
12:10 Double and Triple Checking Payment Details
13:03 Warning Signs of Phishing
14:22 Importance of Good Processes
15:54 Investing in Cybersecurity and Good Accounting
16:31 Upcoming Topics and Conclusion
