How to avoid financial fraud in your business

Whoever said that money is the root of all evil had an incline to the human nature and how the love of money when to the extreme can possess and overcome all integrity. One must be vigilant to avoid falling into the snares of clever individuals out to fleece them of their money.

One can easily find themselves the victim of financial fraud and here are some common ones to keep an eye out for.

Embezzlement

If you are a business owner especially, there is often someone in the company looking for ways to make some more money off you in indirect ways like skimming. The persons who keeps your books in check is the likely perpetrator but may not always be , so be keen on how the cash flow in the company happens. Embezzlement involves misappropriation of budgets, over-quotation in purchases, failure to remit bills due, only for the money to end in private hands, other than business.

Pay offs and kickbacks

Again this is common for business owners, where an employee/s may collude with suppliers of goods and/or services to overcharge or to facilitate entry into a business for certain things and in such cases, the extra money makes its way to the employee. A pay off usually happens beforehand while a kick back happens after.

To avoid the above mentioned situations, sign up with popote payments. Popote payment solution enables you to  take control of your payments and allows you to have an efficient cash flow in your business. You can monitor your business transactions at any time, any place and with any device, talk of mobile devices, tablets and laptops.