General Business Controls

Follow the tips below to manage your controls:

  • Segregate duties so that one individual doesn’t have the ability to initiate and record check activity.  A party independent of your check writing and account reconcilement process should perform periodic audits.
  • Perform a credit check and a background check on all new employees. Identify which employees, or group of employees have access to information that is confidential, private, etc.
  • Enforce a mandatory vacation policy.  While an employee is on vacation have another employee perform the work in an effort to uncover any lack of controls, operational inefficiencies or fraudulent activities.
  • Keep authorizations up to date. Notify the bank immediately to have employee’s removed from all authorizations. Make sure the removal of access to all services is part of your employee exit process.
  • Keep your account statements from being intercepted in the mail by signing up for eStatements
  • Monitor and reconcile your accounts daily. Watch your account activity closely and watch for unusual activity. Report any fraudulent or unauthorized entries immediately.  You can use Ca$hTrac to monitor account balances, 24/7. 
  • To assist in monitoring your account activity, set up Account Alerts in Ca$hTrac. 
  • Securely store check stock, facsimile signature stamps and all bank records and documents.  Be sure to limit access to the storage facility.
  • Use a reputable check printing company that offers up to date anti-fraud features on their check stock and allows you to restrict changes to your “ship to” address.  Be sure to use sequential numbering, use consistent check stock, clearly mark voided checks and never publish executive signatures in any published reports.
Email This Page