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How to prevent fraud in business: Part 1


Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Both small and big companies have to put controls in place to prevent fraud. I have heard a story about a person living in one country and starting a business in another country. He leaves the business underneath the supervision of another, at the end of the day all what the business does is to make losses. Apparently, the person started a business in haulage, and all what the staff were reporting were losses. The person then decided to close down the business and the staff started begging. I told the person it is a small business you have to be there in person that is the one of the ways your business can become successful. 

Even, when the owner is present at the business there are still some individuals that will try to defraud the business, talk-less of you being far away. When your business is small it is clear that you cannot put control of very high quality that will prevent fraud cause it is expensive. Once your business has now grown bigger and you can now afford to put those sophisticated controls in place then you can decide to go Antarctica and manage it from there (smiles). Thus, you should do your supervision yourself when the business is still small then you can make delegations once it is bigger.

A change in the attitude of an employee could suggest a possibility of fraud. For example, the employee has just been disciplined by an employer, as a form of revenge the person might decide to steal from the company. You should note that, this is just a likelihood and not a certainty as such employees should not be made to feel like potential thieves, some do have high moral standards.

Your business should be halal. Everything happens according to the will of Allah. Everything should be done deliberately for the sake of Allah. Part of doing something for the sake of Allah means hoping for a reward from Him (in this life and life after death).

Halal means anything lawful Islamically.

This is just part 1 of this article, do check out for part 2. Keep checking my blog regularly. Cheers!








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