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One of the reasons why companies are reporting a drop in profits is losing money to fraudsters. We would want to think that hackers are the greatest culprits here but it would be important for companies to make sure that their internal systems are fool-proof. Routine checks and balances should be put in place to ensure employees do not find loop-holes to defraud the company. One of the best measures that business organizations should take is conduct periodic audits, whereby the business operations are constantly checked by internal and external auditors. The business owner could do surprise checks on such items as petty cash or stocks. This will control fraud as fraudsters have little or no time to plan a cover-up. Employers should also give reasonable salaries and benefits to their employees according to their qualifications, experience and sensitivity of their jobs. Underpayment and late salaries could easily drive employees to commit fraud so as to meet their financial obligations. Companies must have clear job descriptions; this will go a long way to ensure well defined personal responsibility. Companies should try to offer incentives to the employees who do exceptionally well in their duties. A structure to reward employees who reveal loop-holes in the company's systems should also be taken into consideration. This will make employees fill part and parcel of the organization. Organizations should make the point clear that employees caught with the intention of defrauding the company will be answerable and face legal action. Workers will thus be afraid to commit any fraud. 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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