Payroll fraud is a common issue with severe consequences. Whether an employee asks for a pay advance that is never repaid, punches in for a fellow worker who takes the day off or diverts the paychecks of an absent or former employee, there are plenty of ways dishonest staff can conspire to get extra money out of your business. Those stolen dollars can add up quickly, especially for a small business on an already-tight budget.
While you want to believe your workers are trustworthy individuals, you shouldn’t assume that fraud can’t (or won’t) happen to your business. Below, nine Forbes Finance Council members explain how small businesses can mitigate the risk of payroll fraud.