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How to Spot Financial Fraud in Your Business

There are many things to look out for when you own a business, or even if you work in a company as a regular employee. Fraud can happen anywhere and at any time, but it is especially prevalent in small businesses. This is because it can be easy to have internal theft where there aren’t a plethora of security measures and controls in place. There are ways, thankfully, that you can look out for fraud in your business’s finances. Increase eyes on financial records: In small businesses there are usually only one or two people handling the business’s finances, such as the sales receipts, payroll, deposits, check writing and any other cash activity in the accounting system. In order to reduce the chance of fraudulent activity, make sure all cash transactions are reviewed by others. Conduct strict background checks: You want to instill the idea that everyone is being watched,…
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