Protecting your assets from fraud, theft and crime is always a top priority for your business. Crime and fraud are believed to cost U.S. businesses a little more than five cents of every sales dollar.(1)
Many businesses, especially young, small businesses, lack the internal resources, expertise and systems necessary to adequately mitigate these risks. Consider the following systems for better control over when and where your business spends money and who spends it. These systems also help businesses recover from fraud, theft and disaster.
1. Collection Systems. They control and streamline how your business collects, handles and deposits money. Many banks have online services and tools that allow you to collect money electronically and eliminate the possibility of false invoicing, a top source of cash fraud. You can secure and control deposits electronically using digital scanning of checks, merchant services and electronic billing. You can also:
2. Financial Control Systems. These systems allow you to track, control and protect your cash from fraud and crime online, on demand, at any time. You can regularly back up and lock up your information assets. In addition, you can back up and password protect important data about customers, as well as financial and intellectual property, using disks and remote hard drives. Other tips related to financial control systems include:
3. Financial Automation Systems. You can automate routine financial tasks, giving you the leverage and information you need to combat fraud and theft without stretching your limited resources. Tips for automation include:
4. Expense Management Systems. These systems give you the necessary tools to control, manage and track your spending online in minutes. Your financial institution can help limit employee purchase authority by establishing clear entitlements, authorizations and spending limits. You also can automate and control these expense-management tasks easily from your computer, using basic online banking features and payment-card products. A final tip for controlling expenses:
SunTrust and the National Small Business Association Survey of 511 business owners, 2007.
Association of Certified Fraud Examiners, ACFE, 2010 Report to the Nations on Occupational Fraud and Abuse.
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