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Protecting what is yours in the company

Protecting your money as a business owner can mean many different things depending on an array of variables like do you have a physical presence? Do you have a lot of foreign customers and clients? Do you deal with private individuals or other businesses? The questions are many and they all need to be answered in order to specifically know how to protect your money as a business this article will deal with some things that most businesses have in common and should be seen as a starting point for further investigations into this very important topic.


False invoicing

Fraud is very common and a lot of businesses are affected the type of fraud varies a lot and is dependent both on location and type of business.


False invoicing is on the rise lately and it affects mostly businesses who are bigger than the average company, the scam is very basic it involves sending invoices for items sold or services performed that never took place. In bigger corporations the number of invoices can be thousands per day so it is not uncommon for a few of these fake invoices to slip through the cracks. One important step to tackle this is to make sure that the approval process is enforced it should not be enough to sign of on an invoice as a whole the employee that ordered the invoice should be forced to sign off on each individual item and there should always be two employees signing off on each invoice, the person who ordered the invoice and the persons closest superior. To combat that the scammers have someone on the inside of the corporation who is ordering and signing off on invoices that they know is fraudulent there are invoice audit software to buy from all of the big four accounting firms. The invoice audit program will track an invoice and tie it to an order that was made and make sure that it has not been paid already and that is has in fact been ordered and what was ordered was also what was billed.


Banking scams

Ever got an email asking for a click on a link in order to perform something urgent at the bank?Then it is sure to be a scam. A bank will typically not provide links in emails to make sure that the customer needs to go to the banking site that they know and trust to perform whatever task is needed. Same thing applies to getting called up by the bank, they will never ask for anything confidential so if they do it is a scam. If the customer is unsure if the call from the bank is legit a good way to make sure is to nicely tells the bank that the customer will call back and by using the number the customer know is correct to call them back to deal with whatever needs to be dealt with.


Chargebacks

Another common scam involves chargebacks the question then is how to stop chargebacks? Chargeback scams most often happens when selling online. The customer buys something gets it shipped and then the customers denies the purchase with their credit card company. One easy and effective way to stop this is if possible have the customer sign a contract online or in person stating exactly what they are purchasing. If a contract is not possible it is good to always make sure that the credit card address and shipping address is the same and if they are not to ask questions, most scammers do not think it is worth it to get questions and just disappear.


Conclusion

Being in business means to sometimes be on the lookout for scams. No one goes into business to look out for scams but it is a necessary part of protecting the asset and money of the company. 


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2019-11-12 16:08:12, views: 2261, Comments: 0
   
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