fraud protection

10 Simple Fraud Protection Safeguards Rockledge Companies Should Implement

Things have been cranking at the Daniel Henn, CPA, PA offices of late!

We have had a steady stream of new Rockledge clients calling, emailing and coming through our doors. But it’s also because of all of the questions we are fielding about the new tax law changes, and what that will mean for Rockledge businesses, etc, moving forward.

More to come on that front.

But despite all of this — perhaps because of it — we have grown in our conviction that we have the best clients of any tax accounting firm in the nation.

I’ll speak more about that in the future, but I wanted to make sure you knew that we appreciate your kindnesses and warmth thus far.

Now … before I get to my main points, a few things to note:

1) Tuesday, April 17th is the deadline to contribute to IRA’s, etc., in order to have them count on this year’s (2017) taxes.

2) It is also the deadline to claim the $1BN+ in unclaimed refunds for returns dating back to 2014. If you, for some reason, didn’t file for that year, you could be missing out. Call us for this special circumstance: (321) 684-7800
(Or for any other question — but again, bear with us, as we are extremely busy!)

And one last thingif you have filed your taxes with us already, and you had a good experience, would you…

A) Write me back and tell me about it?

B) Share us on your Facebook wall…?

Here’s perhaps the sort of thing you might say:

I had my taxes prepared by Daniel Henn’s team, and had a great experience. They also just told me that they are willing to help procrastinators! So, if that’s you, give them a call at: (321) 684-7800 and let them know I told you to call. Or you could do it tomorrow, of course. 🙂

Or some such…. Thanks again! (And you can even tell them about — or share with them — what’s at the end of this note, if you so choose.)

10 Simple Fraud Protection Safeguards Rockledge 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 Rockledge 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 Rockledge 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 Rockledge 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.

Henn’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 Rockledge 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 Rockledge families and business owners. And we always make room for referrals from trusted sources like you.


Daniel Henn
(321) 684-7800

Daniel Henn, CPA, PA