Today I Did you know that 55% of embezzlements occur at companies with fewer than 100 employees? And 30% of those involved a loss of more than $500,000!!?
90% of all employee thieves are first-time offenders. They become thieves because business owners give them the opportunity. Don’t let your employees become thieves on your dime. This video shares 3 ways to prevent employee embezzlement through credit card fraud.
Today I want to talk to you about preventing small business fraud and employee embezzlement as it relates to credit card fraud.
Small businesses are particularly vulnerable to fraud and employee embezzlement because they lack the resources to separate out all of the duties in accounting.
As it relates to credit card fraud, I have 3 things I want you to do:
- Create a company policy requiring employees to upload itemized receipts. The system will recommend the appropriate category to record the transaction to and will also let you know when there’s a credit card charge without a receipt.
- Implement a paperless and automated credit card expense auditing system like Expensify or ReceiptBank. Get your employees to upload their itemized receipts so you could see the detail.
- Perform surprise audits to ensure company funds are not being used inappropriately.
A La CARTE Solutions is a boutique Accounting and CFO Advisory firm working with business owners to increase operational efficiencies and gain clarity over all things business and money. We would be happy to help safeguard your business from the risk of embezzlement. Just give us a call or click the Get in Touch button below.