By Joe Smith
The days are gone now for business owners who thought that the biggest security risk in their business was in the cash takings and ensuring all amounts were correctly accounted for then deposited into the business bank account in full.
These days, there are so many different scams going around as well as cyber security risks to businesses that cash will be the least of the worries for a business owner.
One scam to be mindful of is when a ‘supplier’ calls or emails to update their bank account details for your payments. It is always a good idea to check this by calling you supplier to confirm that it was a legitimate employee calling and that the bank details are correct. Otherwise you may find yourself paying funds to the new bank account and then getting a call from your supplier asking why the bills haven’t been paid. Further to this, if you receive notice from a large organisation, you should call a publically available number from their website or yellow pages to confirm the details and change is correct.
Another risk to the funds in your business account is when you are relying on an employee or third party to prepare files to be uploaded to internet banking. If you are in this position I would strongly advise that you go through and confirm the bank account details are the legitimate bank accounts of the supplier as it is possible for supplier account numbers to be edited so that the funds are paid elsewhere. I am sure most people working for you are honest however it is always a good idea to do checks.
One of the things that can also be done to reduce your risks is to use software like Xero for your business as this software keeps a detailed history of all transactions as well as when details have been edited or deleted for suppliers or employees. And there is even a report that can be generated to identify if several suppliers have been edited so that the bank account numbers are identical.
If you would like more information on how you can set up processes or use software to make your business more secure please call UHY Haines Norton on 4972 1300 or email firstname.lastname@example.org