Fraud is a problem that can affect any business, no matter its size or how established it might be.
The outcome could range from a loss of earnings to your reputation taking a serious hit - and incidents can often take long periods of time to recover from.
It is often said that prevention is better than finding a cure, which is most certainly the case when it comes to fraud. Take steps to protect yourself now and you'll reap the benefits in the long term.
Establish clear standards
Fraud prevention needs to be a collective effort - there's little point in small business owners doing whatever they can to protect their companies if their staff aren't going to follow suit!
From the moment you recruit new employees make sure they are aware of risk management practices within your organisation. The same goes for existing workers - give them regular training to keep them clued up.
As the head of a company, it's your job to make sure everything is being done properly. While it's important to put trust in your staff, double-checking their work once in a while can't go amiss, especially if you believe something suspicious might be happening.
Performing regular audits on company accounts and spot checks on other forms of reporting can make sure your business finance is just as it should be.
Limit access to sensitive information
Every organisation will have a certain amount of sensitive documents, so it's important to think carefully about who needs to access them.
Bear in mind that the greater the number of people who can see them, the greater the likelihood of fraud being committed. Less open access will make it easier to trace back the source of a leak when an incident does occur.
Wishing you all the best for your week in business.
If you'd like to learn how Earlypay's Invoice Finance & Equipment Finance can help you boost your working capital to fund growth or keep on top of day-to-day operations of your business, contact Earlypay's helpful team today on 1300 760 205, visit our sign-up form or contact [email protected].