Startup Funding Espresso How To Avoid Fraud
How To Avoid Fraud Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. Fraud can be costly to a startup. Take these steps to avoid fraud in your business. Separate accounting duties -- have at least two people handling the accounting and separate their functions. Know your team -- run background checks on new hires and know your business partners' history and background.\xa0\xa0 Oftentimes it\u2019s the most likable people who commit fraud. Set up internal controls -- audit the accounting books and require sign-offs and approvals for expense payments. Protect bank account and credit card information -- separate personal and business accounts and move bill payments online to avoid check fraud. Review bank accounts regularly for unusual transactions. Audit the books annually -- have an outside accountant review the books to prevent fraud. Use certified fraud examiners to review suspected cases of fraud to help with the prosecution of the case.\xa0 Train your team -- make sure key people in your organization know how to detect fraud and what to look out for. Implement these steps to avoid fraud in your organization. \xa0 Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let\u2019s go startup something today. _________________________________________________________ For more episodes from Investor Connect, please visit the site at: \xa0 Check out our other podcasts here: \xa0 For Investors check out: \xa0 For Startups check out: \xa0 For eGuides check out: \xa0 For upcoming Events, check out \xa0\xa0 For Feedback please contact info@tencapital.group\xa0\xa0\xa0 Please , share, and leave a review. Music courtesy of .