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Among the many challenges that businesses face in today's world is fraud. Technological advancement has also not made the situation any better. Companies are losing billions of dollars yearly from fraudsters who are constantly a step ahead. These range from external hackers and employees. Therefore companies must find ways to counter this vice. Fraud in business usually involves alteration and falsification of records and documents. This is an intentional misappropriation of assets for personal gain. It is quite difficult to detect fraud because they are carefully calculated, where fraudsters can cross all the postings in the books of accounts. It therefore becomes imperative for businesses to find ways to control fraud, one way is by employing qualified staff. This increases individual and departmental responsibility. Qualified staff should be assigned to supervise sensitive areas of the organization. This will reduce fraud in that unqualified staffs are usually given allowance for errors and mistakes while qualified ones are not. This may lead the unqualified personnel to take advantage and commit fraud. The other important thing to check is mechanization of accounting systems. This will go a long way in preventing and controlling fraud in a business. It entails the use of machines such as computers to process accounting information and cash registers to receive cash. This reduces forgery in computation of figures as machines automate to give truthful results. Though companies spend a lot of money to install advanced technological systems, they end up reducing chances of being defrauded by both internal and external fraudsters. In the process companies boost their overall revenue. Stephen is an Business Organizing Expert . He researches and studies on big and small business strategies . Website:- Business Management Solutions for efficient business operations.
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fraud, business, accounting, book keeping, documentation, record keeping, cash, money, business management, management, technology, employees, employ,
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