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Are your employees robbing you blind? Here are seven simple tools to put a stop to it

by , 22 October 2014
Employee fraud and theft is becoming a bigger and bigger problem as financial difficulties in SA continue.

This directly affects you!

If you don't put a stop to it today, you won't have the cash to grow your company.

Here are seven tools you can use to stop it ...

 

Use these seven tools to stop employees stealing from your company

 
Tool 1: Official leave forms
Leave forms help you control how much leave your employees take so they don't fool you into paying them for days they didn't work.
 
Tool 2: Controls for changes to your payroll system
Ensure your employees can't just change your payroll to up their salaries or create ghost employees to pocket their salaries.
 
Tool 3: Payroll reconciliations
Compare your payroll with your bank accounts to see any differences that might suggest someone is getting money where they shouldn't.
 
Tool 4: Employee take-on forms
These ensure that when you get new employees you have their accurate details and also stops other employees creating ghosts.
 
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Tool 5: Procedures for changing banking details
Ensure there are clear controls around who can change banking details. This stops people from changing others' bank details and pocketing their salaries. 
 
Tool 6: Banking alert sms services
This will alert you to anyone who's pinching money out of your account without your authorisation.
 
Tool 7: Transaction authorisation forms
Use forms that you must complete and sign before your accounts manager transfers any of your money anywhere.
 
Just remember the cardinal rule is to NEVER let your employees have your company's banking details. Doing this and using these seven tools will help you safeguard your company against employee fraud and theft. 
 
Check out the Practical Accountancy Loose Leaf Service for more internal controls you can use to put a stop to employee theft and fraud. 
 

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