You have heard about how some companies take advantage of their customers, investors, or shareholders leaving the latter with no money at all. But there are times when the opposite happens where the victim is the business entity itself while the employees are the perpetrators of the fraudulent acts. You wouldn't want this to happen to you, do you? What you need to do is to learn how to spot the crook and get his or her hands out of your business for good.
Make sure that you have a clear job description for each of your staff, being careful not to have overlapping tasks and responsibilities. Otherwise, you risk having too many people with similar responsibilities. Corrupt employees can effortlessly use this as a window to undertake their wrongful acts since they can have access to the various areas of the office.
External audit plays a major role in the fraud-detection arena. It's for this reason that it's a must that you get the services of a reputable audit firm Singapore businesses trust. The job of an audit firm primarily includes checking the client's internal procedures and annual financial records. As such, auditors have the first-hand know-how and understanding of all goings on within the company, including problems and any inconsistencies that you as the business owner may not easily detect from your own standpoint. They'll recommend improvements in the system to fix any gap and loophole to prevent possible occurrence of any form of fraud.
Be involved and continue to be informed especially when money and huge, high-priced company assets are concerned. Even when you already have a manager assigned to sign checks, withdraw and deposit cash on the company's behalf, there should always be someone else who will supervise these activities. This could be you if you are intent on protecting your business from the perpetrators of selfish deeds.
As part of the hiring process, always conduct a character and background check on all job candidates. While doing this will certainly take a big percentage of your time and company funds, what shall ultimately matter is the peace of mind that this shall bring you. When you know that the people who'll work for you are truly reliable, the cost and effort will definitely pay off in the end.
Make sure that you have a clear job description for each of your staff, being careful not to have overlapping tasks and responsibilities. Otherwise, you risk having too many people with similar responsibilities. Corrupt employees can effortlessly use this as a window to undertake their wrongful acts since they can have access to the various areas of the office.
External audit plays a major role in the fraud-detection arena. It's for this reason that it's a must that you get the services of a reputable audit firm Singapore businesses trust. The job of an audit firm primarily includes checking the client's internal procedures and annual financial records. As such, auditors have the first-hand know-how and understanding of all goings on within the company, including problems and any inconsistencies that you as the business owner may not easily detect from your own standpoint. They'll recommend improvements in the system to fix any gap and loophole to prevent possible occurrence of any form of fraud.
Be involved and continue to be informed especially when money and huge, high-priced company assets are concerned. Even when you already have a manager assigned to sign checks, withdraw and deposit cash on the company's behalf, there should always be someone else who will supervise these activities. This could be you if you are intent on protecting your business from the perpetrators of selfish deeds.
As part of the hiring process, always conduct a character and background check on all job candidates. While doing this will certainly take a big percentage of your time and company funds, what shall ultimately matter is the peace of mind that this shall bring you. When you know that the people who'll work for you are truly reliable, the cost and effort will definitely pay off in the end.
No comments:
Post a Comment