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Cases of fraud can literally bring a business to a closure. Your systems and policies may have loop holes that you are yet to discover. Without your knowledge, your employees may realize the loop holes and defraud you of your hard earned money. One of the most important things to do so as to reduce chances of fraud is to know the kind of people you hire. Carry out detailed findings on your prospective employees, their criminal records if any and why they are leaving their old jobs. If there is any doubt on their integrity, do not hire them. As much as you may want your employees to be exceptional in their work, set reasonable targets. Even well meaning people may look for fraudulent ways out when faced with unachievable goals. They may think of ways to manipulate the systems to reflect that they have met the required expectations while on the contrary they have not. Financial related fraud cases are the most common. This fact should trigger you to put checks and balances when dealing with authorization of payments. Put policies that ensure three or four parties authorize payments instead of having only one accountant to rely on or even having two accountants who can easily collude to steal from your business. Do not forget to have open communication with your employees. By interacting with people, you may observe or hear of looming cases of fraud. Just being approachable may even attract an employee to out rightly tell you of a theft case that is ongoing. Above all, occasionally evaluate your bank statements and confirm that each of the payments is valid. 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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