Businesses have many controls in place to manage assets that are the life blood of your organization. Often times, those assets can create temptation for employees. Knowing what to look out for and creating systems of checks and balances to ensure that no one person has autonomy is key.
Checks and balances can come in the form of software controls, employee awareness and basic processes that can be implemented. Many software programs, especially accounting suites, will provide automatic controls as well as reports and documentation that should be reviewed regularly.
Employee awareness and education is one of the best ways to protect your company assets. Often, it is an employee who will notice day to day activities that seem odd or out of the norm. Giving employees the opportunity to raise red flags without ramification becomes essential to a healthy office and to protecting the business as a whole. Often employees have as much a stake in your business as you do.
To find out more about fraud detection, controls and the signs to look out for, join Welsh Consulting on May 7th at The Harvard Club Downtown for “Protecting the Company Cookie Jar“. Ned McCrory, of Batchelor, Frechette, McCrory, Michael & Co., CPA’s, will be presenting on this topic that is relevant to all business owners.