How do I protect my business from fraud?

Protecting your business from fraud is essential to staying in business. In Tennessee, there are a few key steps you can take to reduce the risk of fraud. First, be sure to establish and follow comprehensive internal controls for your business. This includes creating procedures for all aspects of your operation, such as employee hiring and financial recordkeeping. Additionally, be sure to regularly monitor and review transactions to ensure accuracy. Second, you may want to investigate any potential vendors or customers before doing business with them. This includes making sure all contracts are reviewed for accuracy and that all checks and invoices are thoroughly monitored. Additionally, you can use a third-party service to check the credit history of potential customers. Finally, consider investing in fraud prevention software and services. There are a variety of products and services available that can help detect and prevent fraudulent activity before it happens. By taking these steps, you can protect your business from fraud and help reduce any potential damages. Additionally, the Tennessee Commercial Law also provides a number of protections to businesses, including setting strict deadlines for payments and providing remedies for damages in cases of fraud.

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How do I protect my business from fraud?

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