Tips for Preventing Fraud and Employee Theft in Your Business

Do you have the right systems and checks in place to be sure that you aren’t losing money because of employee theft or fraud? Many business owners don’t properly monitor the cash flow within their company, which means that it is easier for employees to skim a little off the top without anyone knowing.

Employee theft and internal fraud issues can be devastating for a business, especially if these activities continue for a long period of time. It is absolutely essential that you put the right systems in place, which allow you to detect the problems early before they become bigger issues.

Here are a few things that you can do to detect potential theft or fraud activity within your company:

Hire a Professional Bookkeeper to Monitor Financial Transactions

By implementing a high quality bookkeeping system, it is much easier to keep an eye on all transactions and look for unusual activity. Most business owners don’t have the time to closely monitor all of the transactions, which is why it is beneficial to hire a professional bookkeeper instead.

A small business bookkeeper can manage your regular incoming and outgoing transactions, and keep you updated about all of the important financial information that you need to know about your business. The bookkeeper will keep you informed if any potential red flags pop up, so that you can quickly handle the situation before it gets worse.

Audit the Business Financial Records

Even though audits might seem a bit tedious and unnecessary, the truth is that these audits can uncover information about where the money is moving within the business. It is best to have audits on a random basis, and you need to make sure that the financial service is thoroughly checking every aspect of your business finances in order to identify any potential problems.

During an audit, various aspects of the business are examined, including payroll, petty cash, ingoing and outgoing cash flow, and inventory. By hiring a booking service and using regular auditing, you don’t need to stress about the financial tracking and instead you can focus on other important responsibilities that are required to keep your business running effectively.

There are many ways in which a small business can benefit from hiring a professional bookkeeper. If you are ready to reduce your workload and decrease your stress, then we invite you to contact us today. We are always available to answer your questions and help you see how our services can improve the financial management of your company. Fill out our online contact form or call us anytime at: (888) 620-0770

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *