WB Law Group, a business litigation attorney San Diego, (http://wblawgroup.com/how-to-protect-yourself-from-fraud-in-your-business/) discusses how to protect yourself from fraud in your business.
Protecting your business from fraud is a daily task that is draining if ignored. Prevention is both time saving and can save the company if a lawsuit is filed. When owning, or being a part of a business both big and small, your name is on the line when it comes to debt and security. Businesses lose billions of dollars per year because they are not conducting affairs with a fine tooth comb. When it comes to protecting your name and investments, being strict on your accounts and policies will indeed pay off. The changes that are needed are not drastic, just simple, intelligent alterations.
Add Additional Oversight
Adding oversight may seem a little over the top at first; however, the fundamental principle behind it is people are less likely to fudge numbers when someone is standing over them. No matter how big your business is, ensuring that information both coming and going represents your company to its fullest is critical in maintaining customer relations. Putting in place simple monitoring such as requiring documents be turned in once a week for review is an easy change, one that may be needed more than you had thought.
Have Two Filing Systems
In this day and age, everything is done online. How safe is your information if your employees can access it at will? To ensure your business will not fall victim to fraud, keep a paper trail of every transaction, especially payroll. Being digital is great for the convenience. However, it also makes you an easy target. When keeping two records; provide your bookkeeper with all of the needed documents with explicit instructions. Keeping your records encrypted digitally and filed according to a strict policy only the clerk will know is a consideration not to be overlooked.
Separate Your Payroll Admin From Your Advisors
Fraud is not limited to outside hackers, in fact; most leaks happen from the inside. Separating those who sign the checks from those who oversee the accounts is one of the most important, hard learned lessons of entrepreneurship. When enacting this separation, your employees should know there will always be someone to double check their work. There needs to be a written log of how much money is leaving the company with an analysis of each aspect. Having this breakdown will allow your accounts payable advisor to see immediately if any suspicious activity is going on.
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