Business Fraud Prevention Advice
Business Fraud Prevention AdviceAuthor: Tom SwayerSenior management are faced with making serious financial decisions on a daily basis. Getting one of these wrong can mean the company is the victim of a scam artist either externally through a customer or possibly by a new employee. Every business owner whether they be a small or medium sized business should have an anti-fraud strategy in place across the organisation. This should cover best practices for employees to follow to prevent fraud from occurring externally and also have strict policies that employees should follow when carrying out their work. The latter will aid a business when they are dealing with an employee who attempts to deny that they were unaware what they were doing was wrong or that they were trying to rip off the company. A point to be made there is that most employers will implement a fraud strategy to protect the business from outside the business but don’t consider unscrupulous behaviour of employees who can rob you blind. As cash flow is important for every business particularly in these difficult economic times businesses need to protect themselves from those who are willing to de-fraud their employers with their scams.
Implement an anti-fraud strategy as soon as possible. Here are some common fraud cases to look out for when running your business. Beware of fake invoices. If you have an accounts department it can be easy for them to pay an invoice without checking.
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Small Business Staff Selection: Beware Of Overemphasizing Past ExperienceSmall Business Staff Selection: Beware Of Overemphasizing Past ExperienceAuthor: Leon NooneIt's called "The Experience Trap" and it's waiting to snare conscientious, professional, well meaning managers involved in staff selection. Unless you know about the trap, you're a candidate for capture. And you'll pay for it in more ways than one.Our Experience. In sport, a player may be an outstanding performer with one team but a mediocre performer with another. Some children perform poorly at one school but do very well at another.Importance Of Environment. The child is no more or less intelligent. The sportsperson is no more or less skilled. But the environment and culture where they apply their skills have definitely changed. |