How Do I Protect My Company from Embezzlement?
How Do I Protect My Company from Embezzlement?Here are some ways to minimize losses from employee and vendor embezzlement and fraud.Answer: The two most frequent losses businesses suffer from are theft and embezzlement. Your business must establish internal controls to guard against these losses. To protect yourself from embezzlement by employees, adhere to these principles • Division of duties. No one person should have control of any one accounting process, nor should one employee handle all aspects of a transaction. If one employee writes checks, another should reconcile the bank account. Switch duties every month. Switching duties allows everyone to cross-train and keeps one person from retaining total control of a critical process. • Managing by walking around. Make periodic unannounced trips around your office or factory. Let your employees know that you will be doing this; keep an eye on what’s going on. Sometime
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