I have had the misfortune on several occasions to speak with business owners who were victims of fraud. Fraud can destroy your business by the way of ruined relationships and cash flow problems that force you into bankruptcy.
Regardless of the size of your business, you don’t have to spend a lot of time and money to reduce your exposure to fraud. Simply put, set boundaries and hold the people who work for you (or otherwise represent you) accountable. Some see these accountability measures as an accusation. (You don’t trust me! or But we’re all friends!) I call them protection. In the words of Ronald Reagan, “trust but verify.” Accounting is about financial responsibility and transparency.
