Restrict access
Only specific people should be able to access company accounts, from petty cash to bank accounts. Only you as an owner should be able to write cheques.
Do not keep extra cash around unnecessarily, and any access to it should be meticulously recorded.
Do thorough checks regularly
Personally assess and analyse every aspect of your business, from the financial records to employee records and taking note of how they work.
Do this unexpectedly to keep everyone on their toes and not give wrongdoers a chance to cover their tracks, as well as to give yourself a chance to identify issues and weaknesses before they escalate to bigger problems.
Get other people to look at your books
As the business owner you may be thorough at looking at your records, but a professional would be able to spot discrepancies that you otherwise would not see.
Get someone from once in a while who can look at your numbers and ask the relevant questions objectively, which could help detect those discrepancies and other weaknesses that make your business vulnerable.
Kefa Nyakundi, director of Africa Risk Institute.