Employee theft and fraud happens in the business world all the time, from theft of office supplies to slipping cash out of the register to massive multi-million dollar embezzlement schemes. Most of it happens, unfortunately, to small businesses, which often lack the sophsitication and manpower to prevent and detect fraud.
Jesse has a few easy to implement strategies for preventing most common fraud that could occur in your business. Controls, authorization, and review custody of assets and accounts, or ARC for short. Setup your employees with good controls for spending company funds, proper chain of authorization so that no one person controls company assets and expenses, and periodically review those expenses.
With a few steps you can not only prevent fraud in your company, you can also be kinder to your employees by not putting them in situations where their actions could be construed as potentially fraudulent.
Mark Butler, Virtual CFO
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