Fraud costs businesses billions of dollars each year, and it affects both business owners and their customers. Any business can be vulnerable to fraud, which is why internal controls and careful oversight are necessary to prevent inventory theft, fraudulent invoicing or billing, payroll manipulation, unauthorized account accessing, and check tampering. Employing some carefully-followed bookkeeping and payment processes can help reduce opportunities for fraud and abuse, and they can help keep everyone accountable and transparent.
While many payment methods are available to businesses, checks are still one of the most commonly-used methods of payment because checks are familiar, secure, time-tested, and traceable. Unfortunately, attempts at check fraud and check tampering can still occur, especially when internal controls are limited or non-existent. Check tampering can involve unauthorized use of company checks to access funds, changing the amount of money being transacted, forging signatures, as well as other forms of abuse.
Looking to add some safeguards to reduce opportunities for fraudulent use of company checks? Consider some simple ways to secure your funds and restore integrity to the payment process:
Leaving checks out in open view or in unlocked drawers and filing cabinets creates opportunities for misuse and theft, and it also leaves private financial information open to viewers who may not be authorized. Business checks and registries should be kept in locked drawers and made accessible only to those trusted employees or bookkeepers who need access to them.
Online check printing software offers access to custom business checks without compromising security because users only print the checks they need that day. Instead of storing blank, ready-to-use business checks in your office, print the checks you need on demand while keeping all your account information private and protected. Checkeeper offers online check printing accounts that are password-protected and encrypted so that your checking account and business information is viewable only to authorized users. Add additional security authentication requirements for enhanced protection. Checkeeper follows HIPAA and GDPR compliance so that users can keep personal, medical, and financial information private.
You wouldn’t allow just anyone to access your checkbook, but data contained in physical checkbooks and registries can be misappropriated or observed more easily than secure online accounts that allow users to oversee and monitor all the account activity. Checkeeper offers user permission settings so that users can delegate come payment responsibilities without giving up control or oversight. Input the names and email addresses of additional users you wish to authorize, and Checkeeper will follow up with them to initiate account access. Limit the permission settings to only designated features, and expand, change, or revoke them any time. Reports run in Checkeeper will list for you the authorized user who initiated each transaction so that you can maintain oversight into account activity, and everyone can remain accountable.
Having a standardized system in place is important for secure bookkeeping, especially when more than one person is authorized to access financial accounts. Setting up a clear process for issuing, receiving, and recording payments reduces the opportunities for both error and abuse.
Reconciling your financial accounts every month or quarter is important for keeping funds balanced across multiple channels. Reviewing credit card statements, bank statements, and any other financial documentation you regularly receive, and then comparing them with check spending reports and registries, alerts you quickly to an unprocessed payment, a disputable transaction, an overcharge, a calculation mistake, or an unauthorized use of your funds. Checkeeper accounts offer powerful searching and reporting features that help users track their spending and generate comprehensive reports on demand.
Delegating the invoicing and bill-paying can save busy business owners a lot of time and energy, but it can create vulnerabilities if strict oversight is not maintained. Turning over too much control creates opportunities for fraud when accounts are not closely monitored. Checkeeper offers custom business check printing so that users can design a business check that matches their brand and marketing and can be issued on demand. Checkeeper does not go into users’ bank accounts, move their money, or deduct funds to cover cashed checks. Users input their own bank account and routing numbers on their checks, and the Checkeeper software will automatically convert the numbers into the MICR font required by bank computers. Stay in control of your money while still being able to issue custom checks from multiple linked checking accounts.
If you don’t have the time or supplies to print your own checks, Checkeeper will do it for you. Checkeeper check printing and mailing services offer an even more secure way to issue check payments because your payment is handled off-site. Checkeeper offers four priority delivery methods, including three that have tracking, so that you can follow the chain of custody and find out when your check reaches its destination. Check mailing services offer a secure way to get your payment checks printed and out for quick delivery, requiring little time and no supplies on the user's part.