Segregate Duties - If the same person who does the record keeping also has access to the company money, they will have the ability to conceal misappropriation of funds. Make sure different individuals carry out this function
Automate manual process - Without people there is no fraud risk. Use a digital toll to automate systems and ensure controls are in place. This also reduces chances of human error
Bring processes onto one platform - If there are a series of separate platforms to handle different type of payment such as international and domestic supplier payments and corporate expenses, they can be hard to monitor, fragmented controls bring lower visibility. Whittle down your tech stack and transparency will improve
Confirm banking details - The first time you onboard a supplier, confirm their bank details verbally. Then anytime those details change, ring them to confirm that they are correct
Check GST registration - Some fraud is as simple as charging gst when you are not registered for it. An automated platform can do this as soon as a new supplier is registered
Don't leave things to the last minute - When payment processing is late, it adds stress and can mean checks are rushed so incorrect figures (Whether accidental or deliberate) slip through. A digital approval system will do everything ahead of time, leaving plenty of time for controls to be honored.
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