4The best CPA in Kissimmee knows that businesses all over the country lose billions of dollars every year as a result of employee fraud. While big companies make the headlines, it is the small and medium sized businesses that are more at risk due to little to know awareness, or a sense of falsely placed security.
According to professional CPA in Kissimmee, this phenomenon can be countered by a number of fraud prevention tips that small and medium sized business owners can adopt to protect their financial assets and interests as well as their business acumen and reputation.
Thoroughly Screen Applicants Before Hiring
The best way to stop fraudulent activity before it even happens is simply by hiring the right employees. It’s advised by professional CPA in Kissimmee to business owners that they should perform thorough background checks on potential employees. The information to find out is of any criminal and civil history and any driver’s license violations. Also verify his/her education, past employment and references. It’s perhaps a good idea to request a credit card check as well.
To Reduce Risk Of Fraud, Implement Internal Controls
In small businesses, usually only one person is responsible to have payments and invoices processes, make deposits, handle cash and compile bank statements. Professional CPA in Kissimmee caution that this is asking for too much trouble and advice on making an internal system that has duties spread out among the employees.
Moreover, keep bank checks in a secure location, and carefully review the monthly bank statement. It’s a good idea to provide the mailing address of your company’s statements to your home, so that no one else has access to them but you.
Lead Employees By Your Example
It’s highly important that the senior management and owner should be honest to their work, and serve as role models for the employees working under them. This will create a positive work culture, where the employees will look up to the senior management and try to walk in their footsteps.
Setting a clear standard from the beginning by implementation of a written code of conduct valid companywide will be more effective in stopping fraudulent activity by making it crystal clear to employees about the zero tolerance policy of the company against employee theft and fraudulent behavior.
Implement A Theft Reporting System
There should be an anonymous theft reporting system installed in every company, that easily lets employees, vendors and customers effectively report suspicious fraudulent behavior and activities. In order for this system to work correctly, be sure to inform employees what constitutes as fraud.
Work with a CPA in Kissimmee
One good reason of hiring a CPA in Kissimmee for your business is that you will be able to conduct scheduled as well as surprise audits regularly which will deter any employee from committing fraudulent activities in the workplace.
Following the above tips business owners, with the help of their CPA in Kissimmee can protect their company from being the victim of fraud.
If you need more information about our Kissimmee, FL accounting and tax services, please contact us at 407-502-2400. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, Hunters Creek, Lake Nona, Celebration, Winter Park, Windermere, Dr. Phillips, Maitland, Altamonte Springs, Winter Garden, Ocoee, Apopka, Belle Isle, Edgewood, and Oakland FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin number, incorporations, and non profit 501c3 tax exempt. (Freedomtax’s accounting and tax professionals are NOT CPA’s. CPA services provided by third party provider.)