Trust and Verify to Protect Your Business from Theft

 In Business, Vilms tips

It can be a business owners’ worst nightmare come true when they discover that a trusted employee has been stealing from them. Unfortunately, these stories are not rare. It is not uncommon to learn about accountants, bookkeepers, and employees stealing money from businesses—we uncover it more often than you might think.

Our customers trust us—but we love it when they verify what we do. We help them learn how to verify our work using outside sources, and how to do the same for anyone else who has access to their money.

Below are a few tips on how to reduce the risk of theft in your business.

Online financial accounts

  • NEVER share your password.
  • Take the time to setup separate logins for any user. Your financial institutions can assist with this process.
  • Set up notifications to monitor ACH (Automated Clearing House) or wire transfers and transactions.

Review your financial data monthly

  • Check original source documents, i.e. bank statements, credit card statements.
  • Be sure your employees are giving you receipts.
  • Confirm tax payments have been sent.

Introduce technology and increase transparency

  • Never create blank signed checks. (There are better ways to handle unexpected payments when you are away or unavailable.)
  • Use technology and tools, like automated bill pay or scheduled payments, that increase efficiency and add transparency.

Have questions on how to update your procedures to reduce your risk of theft? Connect with us.

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