Prevent Fraud by Double-Handling Checks

One of the most common sources of fraud in today's businesses--be them small or large--is the handling of checks for making deposits and paying bills.

Experts say it's best to separate the duties - let one person handle incoming payments, while another person writes the checks and pays the bills.

And, if you can't afford this kind of duplicity, make sure that you, as the owner or president of the business, sign each and every check, matching the check up to the invoice to ensure accuracy.

Lastly, never sign checks in a hurry; there's too great a potential for making mistakes.


Already a member? log in here.

Editor's Choice

Upcoming CPE Webinars

Nov 24This webcast presents basic principles of revenue recognition, including new ASU 2014-09 for the contract method. Also, CPAs in industries who want a refresher on revenue accounting standards will benefit.
Dec 3The materials discuss the concepts and principles in the AICPA’s new special purpose framework.
Dec 9A key component to improving your firm’s workflow efficiency while enhancing your profitability at the same time is how you leverage emerging technologies.
Dec 9Kristen Rampe will cover how to diffuse the tension in challenging situations in this one-hour webinar.