10 Simple Fraud Protection Safeguards Boynton Beach Companies Should Implement

“Don’t go around saying the world owes you a living. The world owes you nothing. It was here first.” -Mark Twain

I’ve seen enough Boynton Beach business owner friends get burned because they did NOT have the following procedures in place, that I wanted to share these policies with my entire network. It is a very good idea to take every reasonable precaution to prevent fraud or theft in your Boynton Beach company, and further — in the event it does occur — to be sure you are adequately protected with the right insurance.

So, I developed this fraud protection checklist which is a must for every Boynton Beach business. Some of them might seem obvious, and yes they are, but do document (and enforce) this.

Don’t feel as though you’ll seem like a “big corporation” by implementing these — you’ll just be a smart business.

Oh, and I’ll even give you permission to put it in your employee manual.

Forte’s Fraud Checklist

  1. Develop a code of conduct which explicitly prohibits employees from committing fraud, having conflicts of interest or engaging in any other form of illegal or unethical behavior. Ensure that all your employees, vendors and customers get copies of it. Have key employees provide annual confirmation of their compliance.

  2. Have a clear company policy on time and expense reporting.

  3. Verify the credentials of all new vendors before they are authorized to supply the company.

  4. Make sure all disbursements are properly approved.

  5. Use direct deposit for payroll.

  6. Require two signatures on checks over a certain amount.

  7. Review the bank statements before anyone else does. Consider having them sent to your home address. Review cancelled checks (or copies) and match payee names with endorsements. Review invoices for any payees you don’t recognize.

  8. Make sure bank statements are reconciled each month and that your accountant reviews the bookkeeper’s work periodically.

  9. Make sure everyone takes their full allotted vacation time and be suspicious about anyone who appears to live beyond their means.

  10. If something seems odd, whether it is a disbursement to an unfamiliar vendor or an unexpected expense, check it out and don’t accept a casual explanation.

Following these simple steps will catch 99% of all instances of employee fraud.

Feel very free to forward this article to a Boynton Beach business associate or client you know who could benefit from our assistance — or simply send them our way? While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for Boynton Beach families and business owners. And we always make room for referrals from trusted sources like you.


Rosemarie Forte

(888) 339-9119

Envision Life Consortium Inc

Adriana Cuevas