Most Effective Method to Defeat Employee Fraud

Do your own in-house accounting. As a lifelong small business person and a professional digital fraud analyst, I have identified this as a nearly certain way to prevent employees from stealing major $$$$ from your business. Too many of us want to delegate the mundane tasks of monthly bank reconciliations.

  • If you don’t feel qualified, take a class at a community college in QuickBooks. Whether you use Intuit or not, you will learn automated double entry bookkeeping.
  • Look for suspicious expenses especially to vendors and subcontractors that look unfamiliar.
  • Tie in all your credit cards electronically and make certain you assign expenses to the proper categories.
  • Listen to any advice your tax preparer gives you.

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