Saving Money by Stopping Fraud in Business
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There are many different tricks which can be used so that businesses can save money. Energy saving light bulbs and low flow toilets will help to save some money on utilities. These are great, but they do not cover one of the biggest issues many businesses face every year. Fraud is something which cannot be fixed with a few light bulbs or a few less gallons of water a flush. Fraud can end up costing businesses millions before they even know what is going on. This is why more businesses have been starting to pay attention to this very important issue.
One of the easiest ways to prevent fraud in any business is to take a closer look at employees when they are hired. This is because when you take the time to look over their application you will catch certain things which will indicate that they are capable of committing fraud. This includes lying on the application about education, references and abilities. Simply by taking a closer look at the application you will be able to stop someone from being able to grow with your company into a position where they have the potential to steal millions from you.
Another way that businesses can save from losing money to fraud is to install better time and attendance systems. This is because time theft is one of the most common kinds of fraud which costs businesses a lot of money every year. This is because employees are able to clock each other in or employees will not clock in when they are late and there will be no consequences. Frustrated and overworked managers will simply fix the clock in time to a time which will have the employee on time rather than late.
A suggested method of saving money on time theft is to install better time card software which will alert the manager when an employee has not clocked in five minutes after their shift has started. This way the manager can search out the employee. If they are not in the office, it will be apparent if they try to lie that they were on time later on. This is a good way to send the message home to people that they will not be able to get away with stealing from the company in any way because they will get caught.
Another way you can save your company from being the victim of fraud is to invest in an audit in occasion. Simply by doing one audit a year you will be able to detect when money has been stolen. This is also a good preventative method. If employees know that there will be an audit, they will not attempt to commit fraud. They will be concerned the attempt will be found out and they will at least lose their jobs or at worst will be tried for criminal actions. Think of it less as money you are spending out and more as money you are saving.
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