Avoiding Business Fraud

admin — Sat, 06 Feb 2010 18:13:15 +0000

What is Business Fraud?

Depending on the size of their operations, company owners may have to deal with enormous number of employment and financial tribulations that they need to address on a daily basis. A single mistake in making decision may instigate a bigger problem that may affect the entire operation of the company.

Thus, they must make sure to avoid engaging with deceitful practices of other parties in order to lessen the risk of losing probable income due to credit extensions and over employment.

Business fraud is a deceitful act that aims to deprive an individual or an entity of their property or rights that may result to economic injuries. This type of illicit activities is considered as one of the primary causes why most small and medium scale businesses fall due to bankruptcy.

How to Avoid Being a Fraud Victim

Do not offer credits to individuals or companies that you still have no considerable acquaintance yet. Try to inquire with your references and obtain a credit report before transacting with other parties. Watch out for counterfeited statement of accounts. Many fake companies utilize misleading invoices to cheat on other firms practically making them pay for products and services that have not been provided. Ask your personnel not to divulge any information regarding your office equipment through a phone call. In some cases, fraudulent companies pretend to be the regular suppliers and provide you with over-priced company equipment. Be sure to implement a Privacy Policy in your company. This seeks to secure the identity of your customers and employees. Be careful with individuals who make large purchases through credit cards and demand for speedy services. Most of the times, these people cannot present their valid I.D. to prove their ownership of such credit cards. Never send checks or money through mail in paying an invoice. A lot of instances have been reported wherein mailed checks have been stolen and altered. Have monthly account verification with your bank. This will enable you to detect any stolen and altered checks and resolve this problem right away. Supervise your employees. Make sure that they are utilizing company assets, as they should be. Employees whom you have found guilty of theft should be reprimanded or should be punished depending to the extent of their violations. Be sure that your employees are competent on handling their jobs especially those who are assigned in doing financial matters and making company transactions. Consult a qualified business lawyer in drafting your company rules and policies. This is to make sure that certain provisions that tackle employment fraud will be included in your regulations.

By: Rainier Policarpio

Finding Business Resources

admin — Thu, 21 Jan 2010 23:51:54 +0000

There are all kinds of business related information readily available in various websites. Everyday millions of web pages are updated in internet related to small scale businesses. Entrepreneurs seems to search all kind of information through yahoo or Google and solve their problem in minutes.

A few years ago, businessmen have to depend on books and from the teachings that they have learned from their business degrees to learn of business resources that they can use to manage and boost the growth of their businesses. Liquidating the profits of the business, for example, needs some knowledge in accounting. With the introduction of the computers and related technologies, however, business resources for entrepreneurs become more readily available. A number of online business resources and tools, for example, are now available for any businessman who wishes to take advantage of business resources to improve the sales and profits of his business.

Important functions in a business organization such as preparing the payroll and accounting items for sale also becomes much easier given the number of business resources and tools that can be downloaded or used through the world wide web.

You will therefore find the internet a very useful source of different business resources and tools if you are looking for business resources for your company. Never underestimate the importance of learning from your business colleagues though and the value of reading materials such as books and magazines that can provide you with business resources information that you can use. Many businessmen also learn of better business resources by enrolling in business degrees.

By: Janaki Patro

Business Continuity Audit » Scale Businesses

Avoiding Business Fraud

Finding Business Resources