Just the other day I read a story about a small business owner who was “taken” by the person they should be able to trust the most – their bookkeeper. For about a year, she was forging checks and stole nearly ½ million dollars! That’s a lot of money!
Imagine what that small business owner could have done with that money. Perhaps given his employees a raise, hired new staff, supported a local little league team, or maybe taken a much-deserved vacation with his family.
Every day I read stories about businesses suffering to the hands of a fraudster. Being a business owner is hard. It takes lots of work, long hours, and plenty of risks. The last thing a business owner wants is to lose it all to someone who thinks it is okay to take something that does not belong to them.
That is the reason I wrote my latest book, Did You Hire a Fraud? I want to educated business owners on the ways to protect their business from fraudsters. Here are three simple tips that can help small business owner protect his business:
- Sign every check – ditch the signature stamp or check signing machine. Don’t be too busy to sign your checks.
- Review your bank transactions online – schedule a weekly appointment on your calendar to check out the activity on in your bank account. Doing so at least once a week will help you catch any questions transactions before they get out of hand.
- Background checks – perform (and run annually) background checks on anyone in your business who handles money or asset. Some business owners run them at the time of hiring but do not consider running them on an annual basis.
I hope you find these tips helpful. If I can be of service to you, please schedule a free call with me and let’s chat.