When it comes to saving money, a little know-how, some commitment, and practice all make the task easier as time goes on. Setting your child up with the opportunity to start saving money from a young age is an awesome way to ensure that they are prepared to make smart saving and investing decisions once they start working as an adult in the real world. Assigning paid tasks around the house and using jars as “bank accounts” for saving and spending is an effective foundation to start with. Here, you’ll learn tips, tricks, and techniques that can be implemented as your little one ages to accommodate their learning abilities and maximize their chance of saving success in the future.
Teaching Your Little one to Save Like a Pro
3 Ways Fraud Occurs In Businesses And How To Prevent It From Happening
Claudia Bravo
Setting up a good system of internal controls in your company is very important if you want to prevent fraud from occurring. If you are not sure how to do this, you could hire a financial forensic accountant for help. These accountants not only help companies prevent fraud from occurring, but they can also help companies locate fraud if it is occurring. If you suspect fraud in your company or want to avoid it, it may be important to understand some of the common ways it can occur within businesses.
Creating Fake Vendors
A common way fraud occurs in companies involves people creating fake vendors. When a fake vendor is set up, a person will create fake invoices and will pay them with the company's money. The payments are usually sent to a post office box, where the employee will go to collect the checks.
This type of fraud can be hard to detect, especially if your company pays a lot of bills each week, but it can be prevented. To prevent this type of fraud from occurring, you may need to separate the duties of your employees. For example, you may want to have one employee that verifies accuracy of all incoming invoices, and you may want to have a separate employee that pays the bills. By separating these two duties, it will be harder for fake invoices to get paid, because it will be difficult to verify that they are real.
In some cases, employees commit fraud simply by writing checks to themselves. After doing this, they usually post the checks with the names of vendors, and they may even alter the checks when they are returned to the company.
Over Ordering
Another way fraud can occur in a business is through over ordering of inventory or supplies. If your company orders office supplies from a local office supply store, an employee could simply order too many and then return them. If an employee does this, he or she could be pocketing a lot of cash each time this occurs.
To stop this type of fraud from occurring, you may want to have an employee responsible for making the list of supplies that are needed and a separate employee that orders the supplies. You could also have a third person involved that pays the office supply bill or that returns unneeded supplies. Keeping duties separated is a key aspect of internal controls.
Employee Credit Cards
Some employees have figured out ways to steal company money through the use of employee credit cards. If any of your employees have credit cards they can use for company purchases, you should have a good system in place to monitor the usage.
An easy way for an employee to commit theft in this way is by charging personal items and then writing a check out to the credit card company to pay for the purchases. If the person with the credit card does not have access to the company check book, this would be harder to do. The employee could still try though, by turning in the receipts and claiming the purchases were for the company.
Keeping an eye on employee credit card purchases is vital if any of your employees have this perk. You may want to have a separate employee check over all the charges and receive approval from another person to pay them.
Hiring financial forensic accountants is a great thing to do if you suspect fraud or want to prevent it. These accountants can help you develop a good system to keep fraud out of your company. To learn more, look for an accounting firm that specializes in financial forensics by visiting sites like http://www.eppsforensics.com.
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