3 Tips For Preventing Theft or Fraud At Your Business

Running a business is something that requires a lot of attention to detail and often stress since it’s up to you whether or not things get done. Along with the flexibility and freedom that comes along with being your own boss also comes with the pressure and responsibility of being the person it all comes down to.

Since there is already enough to worry about being the owner of your own business, the last thing that you want to have to lose sleep over is being a victim of fraud or theft. Of course, there are companies such as Eide Bailly that specialise in forensic accounting, which means they will be able to help you uncover the facts if you do fall victim to this. However, in order to protect your business in the first place, you should take the following precautions.

Proper Surveillance Equipment

It is important to set up video monitoring in the entrance of your business. This way you can keep track of everyone that comes in or out of your business. In the event that there was a burglary, the video footage can help identify the criminals.

With today’s advanced technology you can view your footage remotely from wherever you are, even from your phone. This means that even though you may not be at the office, or even in the same state, you can have the added comfort of being able to peer in remotely and see that everything is ok.

Be Selective About Who You Hire

When you make your hiring decisions don’t rush into anything. It is advantageous to be selective in your hiring process so that you can make sure you trust who you hire and feel comfortable entrusting them with your money and products.

Try to really take the time to follow your instincts about not only whether the person is just qualified for the job, but whether they are trustworthy and you have a good feeling about them. By really making an effort in this way, you can reduce your risk of theft considerably.

Keep A Close Eye On Inventory

It is important to keep a close eye on what is coming in and out of your inventory. You should be keeping track of your inventory and regularly checking it to make sure that the physical count matches what is written in the books.

In order to stay on top of this, you should try to do an inventory check at least once a month. In the event that you do find a discrepancy, don’t immediately jump to conclusions. Often people are surprised to find that it was, in fact, human error and not theft at all.

If you immediately assume you were robbed this could lead to jumping to conclusions that were unwarranted.

The most important thing that you can do for your business is to stay involved. If you throw your hands up in the air and don’t have any idea what’s going on on the inside, you are much more likely to be a victim of someone taking advantage of you.