We all wish to live think that others think like us and have the same morals we do You are proud or each and every quality employee within your organization and rightly, you should be. We need to forewarn you that there are bottom dwellers out there in the job market. They do not share our morals nor believe that they have to work for a living. They are the 5% of job seekers who hide a checkered past. Their resume will mostly likely be black and white. The jobs they list will be the ones that they can afford to let you know about, the missing ones will be the ones you want to know the most about. And when asked about that gap, be ready for the explanation that you’ll say to yourself no one could make up. You’ll feel comfortable enough to hire.
You see small business doesn’t take the time to prosecute employees they know or think committed fraud or defalcation, and these employees know it. So they tend to swim the high employment tide into jobs that no one else is available to take. The better ones accumulate enough to hold themselves over to the next instance. So, with unemployment less than 5% we remind you how important it is that fraud prevention be part of your company’s culture.
While we all attempt to avoid hiring such types, we think you better be prepared for it in this high employment environment. What helps most to protect against this risk is the amount of attention that a business owner devotes to fraud. That sends a powerful signal to employees about its importance and prevention. Then, the honest ones help sniff out the cave dwellers.
We want to suggest that you structure your work and the carrying out of day-to-day responsibilities with an eye toward fraud prevention so that this can be stopped in its tracks and then fraud is less likely to happen. We are going to suggest several business routines that will help to minimize such loss., They will also improve employee performance and security, and positively affect your overall business prosperity. We’ll say it again, they will guard against fraud, make things better and allow you to better prosper. Who’s listening now?
We want you to take the time and resources to prepare your organization for fraud strikes. These strikes are most likely to come from inside your organization. That’s right, we watch the bank and credit card statements for items incorrectly posted from outsiders and the risk from inside is about two-thirds as much. Surveys have shown that 37% of fraud is initiated by internal sources.
Simple precautions can save you from future fraud trouble:
- Research who you hire – Conduct due diligence with thorough interviews, references checks and past employer calls. Don’t skip formal background checks: they’re required to build a trustworthy team.
- Separate duties – Don’t give any single employee too much authority. Structured separation of duties with financial checks and balances avoids concentrating too much power in one person and gives you and your employees the confidence that business finances are being handled correctly.
- Educate employees – Set up training sessions to teach employees how they can help prevent fraud with diligence and adherence to operational guidelines, roles and responsibilities.
By expanding precautions, you can add more security:
- Conduct frequent reconciliation of accounts – Only half of small business owners review bank statements, credit card charges and accounting books. Frequent reconciliation identifies financial red flags early.
- Online banking services provide transaction, balance and utilization reporting for easier reconciliation.
- Fraud audits – Regular fraud audits signal your commitment to reduce fraud and keep your business secure. Reduce risk and uncover weaknesses with audits and reviews by your CPA.
Whether you are a business, individual, or non-profit – we will outline specific steps you can take to minimize taxes, maximize loan eligibility, or enhance the value of your property. With one call or email we will provide you with a professional, complimentary financial Statement evaluation – no obligation. Just visit Czarbeer.com/offer or contact us at firstname.lastname@example.org, or call (212) 397-2970 and we will be happy to help you and answer your questions.