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No matter what size business you have, maintaining controls protects you and reduces your risk.
|Audit||Periodically audit your check stock to ensure all unused checks can be accounted for.|
|Bank Accounts||For a better audit trail, you may want to have separate accounts and separate employees for accounts payable and accounts receivable.|
|Bank Statements||Examine statements immediately when they come in the mail (or online) in order to monitor fraudulent account activity.|
|Segregation of Duties||Have someone independent of check-writing responsibilities reconcile your bank accounts. Rotate personnel on a quarterly basis.
Always provide dual approvals on wire and ACH transactions. This ensures more than one employee is reviewing these types of transactions.
|Check Stock||Keep your check stock locked up at all times. When checks are printed, every check should be accounted for, including voided, jammed and cancelled checks.|
|Document Management||Protect all documents by locking them up and always maintaining a "clean desk" policy. If documents need to be discarded, shred them!|
|Employees||Screen new employees by having background checks performed before making a job offer - even for part-time employees or contractors.|
|Paper vs. Electronic||Investigate areas where moving to electronic processing and operations will reduce risk and increase controls by making it tougher to destroy and hide important documents.|
|The "Trusted" Employee||More times than not, the "trusted" employee is responsible for embezzling funds. They get forgotten about because they've been around a while and they know the system.|
|Protect All Accounting Documents||Secure check stock, signature equipment, invoices, statements and other critical information.|