Jennifer, Here Are Your Articles for Wednesday, March 29, 2017
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Worried About Fraud in Your Business? We can Help!

 

Whether you're concerned about external or internal fraud, there are only a few things you can do as a business owner to prevent and control it. But it isn't as dire as it may sound. While fraud is a complex issue, there are simple fixes and some Out Of The Box Technology can help you with. We can also be there to help you in the aftermath in case something does occur. So how can you help prevent fraud in your small business? Here are some starting points:

  • Utilize employee screening. While background checks, drug screenings, and references don't cover all potential cases, they can mitigate risk of fraud. Some companies also rely on credit checks, but the results may not be indicative of an individual's propensity to commit fraud. But employee screening can help you make hiring decisions that may reduce the risk of hiring someone who does not have the best of intentions.
  • Develop a code of conduct. You probably have an employee handbook, but does it lay out the employee code of conduct? This is a series of requirements for day-to-day interactions that will have consequences if breached. For instance, a code of conduct may spell out your company's dedication to eliminating abusive behavior in the office. You can include items that relate to fraud. Have all employees sign this code of conduct when they begin work or every time you make changes.
  • Watch for changes in behavior. Is a good employee suddenly struggling? Are you noticing changes in the way the person interacts with other team members or managers? Sudden changes in behavior can indicate that there are problems with employees. While jumping to the conclusion that they are willing to commit fraud may be excessive, it is worth keeping your eye on those employees or even having a discussion before it becomes an issue.
  • Establish checks and balances. When there are bigger risks for fraud in certain departments, create a way that ensures no single employee has sole responsibility. For example, your bookkeeper shouldn't be in charge of all aspects of accounting; there should be others who are able to check the math and ensure that everything is correct. Out Of The Box Technology can assist here with helping you set up controls in QuickBooks and doing quarterly appointments to check over your financials.
  • Create technical protections. Internet security and fraud protection are big business, and for good reason. Why spend all your time and resources creating systems that you're not trained to develop or maintain? Work with Out Of The Box Technology to better determine how to use technology to increase the safety of your data and money.

Do you have questions or concerns about fraud at your company? Contact Ellen@otbtechnology.com today to learn how Out Of The Box Technology can help you protect your business.

 

 

 
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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