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Use informal audits. Make unannounced internal audits and have a yearly audit performed by an outside firm. Install computer security measures.

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Understand your computer systems and software, and how they might be used to divert money or inventory. Restrict access to computer terminals and records.

Periodically change entry codes and check regularly to ensure that security procedures are in effect. Track your business checks. Always use pre-numbered checks, with amounts and payees typed or written in permanent ink.

Protecting Your Business From Employee Fraud - Signature

Producing all checks from financial software such as QuickBooks is highly recommended. Lock blank checks and a signature machine, if you have one, in a secure place. Manage inventory and use security systems. Separate receiving, store keeping and shipping functions. Physical inventories should be done annually by individuals who are not responsible for inventory records.

Some businesses also install security devices to monitor merchandise or inventory. Beware of accounts receivable. Make mail-opening and posting separate functions.

Fraud Protection: 7 Ways You Can Help Protect Your Business From Ne'er Do Wells

Record checks and cash in appropriate registers and stamp checks for deposit only. Provide a way for employees to report theft or fraud by co-workers. It can then be checked by management before the funds are allocated to payroll. Also, keep everything locked up that should be locked up, and enforce rigorous key control and computer-system access, especially for departing employees.

When someone leaves or is dismissed, consider changing locks and passwords company-wide. Therefore, insist that people use their vacation time and stick to regular business hours. An effective way to prevent fraud in your business is to create a positive work culture. It is important that the business owner and senior management serve as role models of honesty and integrity.

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If the individuals at the top take a careless approach toward company policies and procedures, they are inviting their employees to do the same. It is one thing to demand honesty from your employees, but it goes both ways. If for example, employees see you take home merchandise or use company property for personal reasons, they may follow your lead or worse.

Preventing employee theft

Every company should establish a system that makes it easy for employees, vendors, and customers to anonymously report suspected fraudulent activities. Be sure employees understand what constitutes fraud and that all reports are treated confidentially and without reprisal.


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Consider hiring a CPA to conduct both regularly scheduled and surprise audits. Audits can serve as a deterrent because when employees are aware that there will be checks of their areas, they are more likely to stay honest. A CPA can also help you set up and maintain effective internal financial controls.


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If they exhibit any suspicious behavior, it could be an indication that something is not right. Types of Employee Fraud This is a large category. Impacts to Your Business While all fraud is bad for business, employee fraud is especially hurtful. Protecting Your Business There are various measures that your small business can take to help protect itself from employee fraud. Tagged as employee fraud and your business , Fraud in businesses.