Keep tidy records to avoid fraud, says Pierce

BLACKBURN accountancy firm Pierce is urging business owners to be alert to employee fraud, which is on the rise.

It cites figures from fraud prevention service CIFAS which identified 289 cases of fraud committed by insiders between January and June, compared to 190 in the first period of 2011.

Jeremy Rowe, director at Pierce Forensic, said: “In my experience, fraud often succeeds because there are a lack of simple fraud prevention measures in place.

“Business owners and employers need to be alert to the possible dangers and keep an eye on the day-to-day operations of the business, periodically reviewing financial records for anything unusual.

“For example, one simple way fraudsters cover up their tracks is to maintain untidy or disorderly records, so this may be a sign that something is not quite right.

“Reviewing the records does not have to be a time-consuming process, but acts as a good deterrent against such instances of fraud. Any business which has concerns should contact its advisors for help.”