Implement internal control processes and procedures: Internal controls can help prevent and detect fraudulent activity. Some of these internal controls could be restricting access to account data and inventory, using multiple people to sign off on expense reimbursements, over time, other payroll and accounting functions, and performing audits on your logs and bookkeeping. Be sure to report any changes to your accounts.
Communicate with your team: Encourage your employees to speak up when they see something is wrong. They should feel safe and secure in reporting anything that may seem suspicious or any changes they see in the books. Anonymous reporting systems may be the best option to ensure employees feel comfortable speaking up about fellow employees.
With these systems and procedures in place, you can make it more difficult for employees to perform fraudulent acts. At TGG, we want to make sure that your company is safe from any potentially damaging fraudulent activity. Contact us for more information about how you can keep your company safe by outsourcing your accounting services.