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How to Protect a Small Business Checking Account from Embezzlement

Don't leave your small business vulnerable to an embezzler. No matter how much you trust the staff, it is still wise to protect your company checking account from misuse. Embezzlement can put you out of business. It can damage your personal credit, cause additional spending to pursue criminal charges and be personally painful.

So take the necessary steps to protect yourself and your company. Consider your precautionary measures as good business practice, not paranoia. Embezzlers come in every size and shape. They are excellent manipulators and will take advantage if they spot a weakness in your system. Make your banker and a trusted outside accountant allies in protecting your small business checking account from embezzlement.

Set up a protocol for writing checks. Establish a routine schedule to pay bills at a specific time each week when you will be free to review and approve all payments. Do not allow interruptions or distractions, leaving you free to concentrate and make decisions. Insist that invoices and paperwork to verify the totals accompany each check.

Set up your small business checking account with only one approved signature—your own. Do not allow a bookkeeper or assistant to have single signature authorization on the main business account. If necessary for business flow, or if you are absent for extended periods, arrange a separate small business checking account with a limited balance from which your assistant may draft checks.

Arrange to have your bank send the monthly bank statement and canceled checks to a different address than your business. Use a Post Office box or your home address. Check signatures on each individual check to verify that it is your own. If you receive electronic statements, have them sent to your own private email address. Make sure the electronic system offers the ability to look at each check copy to verify signatures.

Run an enhanced pre-employment screening on any potential staff member that may have access to your business bank account information. Pay for a complete background check for bookkeepers, accounting staff and assistants.

Have an independent accountant, not part of your staff, audit your company's monthly balance sheets. Promptly resolve any discrepancies without hesitation.

Reconcile your small business checking account bank statement immediately upon receipt. Pursue every discrepancy promptly so that if embezzlement has occurred, it is found and stopped immediately.

Difficulty: Moderately Easy

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