Step 1
Know that fraud can occur in several forms in the workplace. Bookkeepers, for example, may commit fraud by authorizing checks as “consultation” costs or authorizing personal expenses, or they may utilize phony company names that they secretly own.
Step 2
Remember that many types of fraud as classified as “occupational fraud.” Occupational fraud is clandestine activity that is used for personal financial gain. Your company will lose revenues or assets as a result of occupational fraud.
Step 3
Consider the facts. Small and mid-sized companies are especially vulnerable to fraud, because they usually don’t segregate duties. One person may be in charge of accounting records and cash receipts, making it easier to conceal fraud. And of course there is the issue of trust. People believe that if the employee has been with them for 20 years they couldn’t possibly betray them.
This is simply wrong.
Step 4 Get RynohLive
The easiest way to prevent fraud is to get RynohLive. This is not a software program but technology that works with your existing bank and system. This system includes daily three-way escrow account reconciliation and reporting combined with Positive Pay™ banking options. It keeps companies audit ready and is tamper proof. It eliminates accounting errors and check fraud. Call us today for more information 877-467-9664