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Will You Add? - Common Small Business Frauds & Suggested Controls
1) Make it part of the agenda.Put the arrival time on the agenda. For example, for a meeting scheduled to start at 9:00 AM, you could put "8:50 AM - - - Arrive at the Meeting" at the top of the agenda.An arrival time is useful because it allows everyone time to socialize, obtain coffee, or organize materials before the meeting. It also ensures everyone is present at the scheduled starting time.2) Offer a treat.Provide coffee, juice, or a vegetable platter before the meeting. This can be especially welcome for all-day meetings attended by people from other locations. It provides a time for socializing between visitors and it may also provide a meal for those who came from out of town.But here's the catch: offer the treat only during the arrival time. Then put it away once the meeting starts.And another point: serve snacks that make peopl
THEFT OF MONEY
Frauds that involve money can be very costly for small businesses and in some cases can lead to the closure of the business. Examples
A question I hear or read often is, ‘is that professional enough?’ What is ‘professional’, and how is one professional and what is considered unprofessional? The actual definition of ‘professional’ is “Of, relating to, engaged in, or suitable for a profession: lawyers, doctors, and other professional people.” Or “Conforming to the standards of a profession: professional behavior.”When considering whether a service or location is professional, a great response comes from the dictionary again, which defines professional as “A skilled practitioner; an expert.” I have met many skilled practitioners who are not very professional. I have met many experts who I don’t initially consider a ‘professional’, but who convey a very professional and confident image. Sounds confusing, huh? Yes. In my opinion, a professional person is one who can con
The festive and holiday period is typically the time of year when many frauds occur as business owners often hand over control of various tasks to more junior or temporary staff and they become less careful about monitoring procedures.
Statistically the most likely person to commit a fraud such as embezzling money is a long standing and trusted employee.
Business owners can protect themselves by developing reliable accounting and other internal controls and constantly monitoring the effectiveness of these controls.
The most common frauds that are committed by employees including some appropriate controls that should be put in place include:
THEFT OF MONEY
Frauds that involve money can be very costly for small businesses and in some cases can lead to the closure of the business. Examples i
Like human nature over time, the power of good public relations remains the same.Whether you are a manager working for a business, a non-profit or an association, at some point, you will want, or need to create outside stakeholder behavior change – the kind that leads directly to achieving your managerial objectives.Fortunately, you can get that job done by doing something positive about the behaviors of those external audiences that MOST affect your organization. And do so by persuading those important outside folks to your way of thinking, and moving them to take actions that help your department, division or subsidiary succeed.Fact is, your public relations push must involve more than special events, brochures and news releases if you really want to get your money’s worth.The fundamental premise of public relations says as much when i
Statistically the most likely person to commit a fraud such as embezzling money is a long standing and trusted employee.
Business owners can protect themselves by developing reliable accounting and other internal controls and constantly monitoring the effectiveness of these controls.
The most common frauds that are committed by employees including some appropriate controls that should be put in place include:
THEFT OF MONEY
Frauds that involve money can be very costly for small businesses and in some cases can lead to the closure of the business. Examples
The key to understanding the how to sell anything is understanding what goes through a potential buyer’s mind. By tapping into their thought process, you unlock the secrets to selling them exactly what they want. Of course, since we’re all consumers in one way or another, this isn’t as difficult as it sounds. In fact, once you examine the different types of shoppers out there, it’s easy to anticipate their needs and the critical moments in their minds as they decide on one product over another.First, then, it is essential to look at each of the types of shoppers, to get a better idea of the critical points in their decision making process:• Economic Shopper: this is the kind of customer whose main focus is on the price of a product. Their main motivation is getting the most value for their money—and often they’re willing to go to great distances to save. You
Statistically the most likely person to commit a fraud such as embezzling money is a long standing and trusted employee.
Business owners can protect themselves by developing reliable accounting and other internal controls and constantly monitoring the effectiveness of these controls.
The most common frauds that are committed by employees including some appropriate controls that should be put in place include:
THEFT OF MONEY
Frauds that involve money can be very costly for small businesses and in some cases can lead to the closure of the business. Examples
If you haven’t already starting using the internet to assist you in the job search, then you are missing out on a huge employment trend. There are numerous reasons to take advantage of this powerful tool, the most important one being that employers are using the internet more than ever to find candidates. If recent internet usage studies are accurate, nearly 48% of businesses do at least some of their recruiting online. Not utilizing the internet in your job search means that you are flying under the radar for many potential job opportunities.The internet is useful for a number of job search-related activities including:-- Searching for Jobs Online-- Posting your Resume Online-- Networking-- Company ResearchSearching for Jobs OnlineMillion of job openings are posted online each year, many times more openings that you could pos
The most common frauds that are committed by employees including some appropriate controls that should be put in place include:
THEFT OF MONEY
Frauds that involve money can be very costly for small businesses and in some cases can lead to the closure of the business. Examples
They say that life begins at 40 (whoever the proverbial ‘they’ are), and they’re right, it does. It begins to go downhill fast! That’s if you happen to find yourself unemployed in the 21st century at 40 plus. I found it a demoralizing nightmare looking for work because about 90% of my job applications didn’t even get replies. That’s diddly squat, zero, zilch. The thing that hurt the most was that there were plenty of vacancies around, but it appears they had already made their mind up on the age range. It’s not legal to specify age preference where I come from but it doesn’t mean employers are obliged to hire the experienced fossils.After a few months of feeling sorry for myself, I decided not to be defeated and change both my attitude and approach in looking for work. I realized that the medium for job search has changed a lot in recent times. We still have the emp
THEFT OF MONEY
Frauds that involve money can be very costly for small businesses and in some cases can lead to the closure of the business. Examples include stealing cheques sent by debtors directly from the mail, forging an endorsement on a cheque, stealing cash from the till, and falsifying signatories and amounts on cheques issued by the business.
Suggested Controls
* Separation and rotation of duties between cash/cheque handling, preparing the banking records and recording in the general ledger.
* Having at least two persons sign all cheques.
* Performing regular bank reconciliations.
* Regular observation of employees handling cash or receipting debtors.
* Issuing pre-numbered receipts for all monies collected and recorded in the debtors ledger. This notifies the customer that their money has been received and recorded.
* Daily banking of cash and cheques and prompt recording of transactions in the accou
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