The cases of employee fraud and embezzlement have increased in the market. You must protect your organization from employees that have malicious intentions. Computer systems and software help you to monitor your employees. CCTV cameras and financial software systems help you to protect your company from fraud and embezzlement.
Steve Sorensen Embezzlement- how can computer systems help
Steve Sorensen is an esteemed and experienced financial advisor in Colorado in the USA. He is a Certified Public Accountant sound in the areas of accounts and finance. He says that your computer system will protect your organization from embezzlement. However, you must give employees restricted access to terminals and change passwords and entry codes regularly. Conduct regular software checks. All security procedures should be in place.
The Steve Sorensen Embezzlement tips help small businesses to prevent employee theft and fraud. He says that computer systems should be used instead of paper for recording income and payments. He says that the shipping, storekeeping and other inventory systems should be different from one another. Each of them must have a unique security system to monitor your business inventory or merchandise.
When you are drafting checks for your business, write the names of the payee in permanent ink. Using pre-numbered checks is wise. You should be careful of accounts receivables. The opening of emails and its posting should be entrusted to different employees. All cash and check transactions should be recorded in different registers, and those checks you wish to deposit should be stamped.
Encourage employees and co-workers to report theft and fraud
Encourage your employees and co-workers to report fraud and theft. However, conduct the above subtly. You do not want your employees or co-workers think that you are suspecting them of dishonesty.
Be aware of potential signs of employee theft
The following are some of the potential signs prior to employee theft-
- Your employee suddenly takes an interest in work
- Your employee works late every day
- An employee has a lifestyle above his or her levels of salary
- Raises strong objections when you make changes to matters relating to supply, inventory or finance.
- Drug or alcohol abuse
As a business owner, you should supervise and monitor your employees closely. Before you hire employees for your company, ask for employer references. This should especially be done with those employees that manage your financial and money transactions.
Another great way to curb fraud and embezzlements is to resort to informal audits. Besides the yearly audits, you should make announcements for a sudden audit. Remember, the yearly audit should always be conducted by an external firm.
These Steve Sorensen Embezzlement tipshelp you to protect your company financially. No matter how nice and obedient your employees are, always supervise them closely. Delegate financial responsibilities to different employees. This means you have more than one person looking after your financial interests. Be careful before you make accusations of theft against your employees- in case you falsely accuse an employee of theft, the said employee may initiate a legal lawsuit against you!