Is there employee fraud at your company?
Employee fraud comes in many forms, be it widespread embezzling schemes to slipping extra cash for morning donuts, and regardless of the size, money leaks are never healthy for your business. Eric Sikola, General Manager of ExpenseCloud notes there are six ways to protect your business from employee fraud, noting there are some simple ways to curb common money leaks.
6 ways to protect your business from employee fraud
Sikola says there are six ways to protect your business right now:
- Establish expense policies that include systems for flagging possible policy violations, such as receipts exceeding a certain dollar amount. By setting thresholds and requiring expenses in excess of those limits to have a second review, you can eliminate the risk that these high-dollar expenses will slip through the cracks.
- Require itemized receipts for billing categories that are subject to easy deception, such as meals or lodging, to avoid picking up the tab for a night of straight imbibing or a lovers’ weekend getaway. Every establishment will provide itemized receipts and employees with nothing to hide should have no problem including them with the expense report.
- Request that names of attendees at a business meal or entertainment function are listed on expense reports. Even if you never do call them and verify the event, the fact that you could will be enough to keep employees on the up-and-up. Plus, it gives you an opportunity to compare the cost of the entertainment with measurable results.
- Implement a corporate card program that sets value limits for expense categories against which employers can compare receipt amounts. Instead of a blank check, setting limits helps guide employees in making reasonable choices (caviar or flounder?) and helps the company better plan for expenses.
- Require that physical addresses of starting location and final destination be identified in mileage reports. Simply stating “Chicago” leaves a lot of room for interpretation — employees could drive around town running personal errands all day and include that mileage in the expense report.
- Replace Excel or paper-based expense reporting processes with an automated platform that combines all of the above functions in a single, simple, foolproof system. Automating the entire process not only makes expense entry and approval more accurate and less prone to error or fraud, but it also makes the administrative process itself faster, easier and more efficient.
Be it asking team members to better document their expenses or implementing new policies, plugging financial leaks will help your business to perform at its potential.
How a newly funded coffee delivery startup is thriving during COVID
(REAL ESTATE MARKETING) Seattle’s Joe Coffee finds successful funding in hyper specific clientele and operations even mid-pandemic. But how did they do it?
Amidst a pandemic, you might not expect a small company with limited clientele to thrive. Yet, Joe Coffee, a Seattle-based delivery service, is doing just that.
Joe Coffee, an aptly named coffee runner, has received millions in funding, a large chunk of which was raised mid-pandemic. Their mission is simple: to bring coffee from smaller shops to local consumers, especially without endangering either party.
There’s a lot to be said about Joe Coffee’s valuation and mission, but what’s more intriguing is their unlikely success.
A food delivery service that focuses on coffee may not seem that niche, but when you look at Joe Coffee’s determination to stick to the Seattle area, coupled with its staunch resolve for frequenting smaller shops (e.g., not Starbucks), the service begins to look pretty specific–and, in an economy that honors sweeping solutions, this is a welcome change of pace.
The way their service works is fairly simple: Joe Coffee provides shops with signs and information on how to order through the Joe network, then consumers are able to download and order through a mobile app on all of the usual platforms. Joe Coffee takes a nine percent cut of the order total, credit card fees included.
In return, customers are able to order from their favorite, local, non-chain coffee shops, both supporting them and sustaining their caffeine addiction at a time where alertness is paramount and grouchiness is all too common.
What’s truly interesting about Joe Coffee’s example is that it demonstrates an availability for small services with extreme specificity in terms of operating capacity. By sticking to unique businesses in a relatively small metropolitan area (as opposed to, say, multiple cities), the service is more likely to be successful in execution and delivery, thereby solidifying its relevance to both consumers and businesses alike.
And, by playing into the need for curbside pickup or home delivery these days, Joe Coffee only furthers the perception that its service is necessary.
If the country begins to reopen–whenever that happens–it will be no surprise to see Joe Coffee maintain a relationship between consumers and smaller businesses in the Seattle area. For anyone offering a similarly niche service, this is a perfect example of a company to which you should pay attention.
Pierre Laguerre makes history by being the first Black man to raise max crowdfunding amount in one week
(BUSINESS ENTREPRENEUR) Pierre Laguerre, CEO of Fleeting, is the first Black man to raise $1.07 million SEC max from regulation crowd funding.
Pierre Laguerre is the first Black man to raise the $1.07 million Security and Exchange Commission (SEC) maximum from regulation crowd funding.
Let that sink in.
Laguerre’s company Fleeting is a network connecting motor carriers and shippers with qualified Commercial Drivers License (CDL) drivers on demand. Shippers can use Fleeting to book and manage reliable, vetted drivers 24/7. Fleeting reached its fundraising goal ahead of schedule on the online crowd funding platform Republic. The fundraising campaign officially ended July 10.
Laguerre moved from Haiti to Brooklyn when he was 15, with hopes of being a doctor. Life in Brooklyn was not what he expected, and he got his CDL to begin trucking. An inspirational conversation with a college professor ignited his entrepreneurial spirit. He soon became an owner-operator of his own truck before going on to build his own staffing agency.
Over time, he began to experience burn out, common for many truck drivers (and entrepreneurs.) The schedule is grueling and the constant movement keeps drivers away from their homes and families for long periods of time. Furthermore, according the American Trucking Association, the United States trucking industry is on track to be short 100,000 drivers by 2024. That’s in 4 years!
Then, Laguerre experienced a healthy dose of life that put things in perspective. His newborn son had two heart surgeries in the spring of 2018. During the second surgery, Laguerre was mugged while picking up food for his mother who was in town to visit his son. Being bedridden beside his child gave him the fire and energy to create the life he wanted for his son, himself, and so many other hard working, qualified drivers.
And thus, Fleeting was born. Two years later, Fleeting has prominent investors like Chamillionaire and E-40, won the Grand Prize at Harvard’s Black New Venture Competition, and gained nearly 5,000 investors on their Republic campaign.
Fleeting raised 100% of its goal just one week after the launch of the campaign in February. As soon as the coronavirus pandemic began to impact the United States profoundly in mid-March, Fleeting was working on across-the-board solutions to support impacted shippers, brokers, motor carriers, owner operators, and drivers. On April 5, they announced they would be waiving all booking fees for medical producers and suppliers working to transport essential supplies nationwide.
Thanks to Laguerre’s hard work and vision, Fleeting raised 400% of its goal by April 7 and reached the $1.07 million max by early July. Pierre Laguerre is paving the way for Black entrepreneurs. Furthermore, he is setting an important example for how to create tech solutions with a conscience that put hard working Americans and their families first. It is fortitudinous leadership like Laguerre’s that America should seek at all levels to transform the way business shapes society.
PopCom designs smart vending machines to automate regulated products
(BUSINESS ENTREPRENEUR) PopCom raises $1.3 million in equity crowd funding to launch smart vending machines that will securely sell regulated products like cannabis and alcohol.
Dawn Dickson is upgrading the beloved vending machine to thrive in the era of COVID-19. Dickson is the Founder & CEO of PopCom, a black-owned retail technology company whose mission is to “equip entrepreneurs and brands with future-ready retail solutions that allow rapid retail expansion, incredible customer experiences, and powerful sales data.”
Dickson started her entrepreneurial career with Flat Out Heels, rollable flat shoes that fit in a purse. The business was an e-commerce hit, relying on online data analytics to drive sales and growth. She found there was a disconnect in leveraging that technology when she looked for traditional vending machines to sell her products in places with high foot traffic like airports. Like any good entrepreneur, she created her own solution to the problem.
PopCom vending machines use facial detection and machine learning to create an interactive and intelligent retail experience. In 2020, the Columbus, Ohio based company is rolling out secure pilots for automated vending of regulated products like alcohol and cannabis. The machines rely on biometric analysis to verify identity, and can even anonymously evaluate age, gender, and emotional sentiment while a customer is browsing to convert sales. Products can therefore be available on demand with minimal human interaction.
The growth of this technology is timely as COVID-19 continues to ravage retail in the United States. “Vending machines and convenience services are becoming more essential, and retailers are looking for more ways to deliver their products direct-to-customer with less human friction. We are excited about what is to come,” Dickson told BlackNews.com.
And what is to come is coming quickly. Dickson just completed a record-setting equity crowdfunding campaign on Start Engine, being the first female founder in history to raise $1.3 million in just 47 days! Previously, PopCom raised an initial $1.07 million from their first campaign. According to SEC regulations, companies can raise up to $1.07 million from regulation crowd funding sources in a 12-month period.
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Ladies and gentlemen, the U.S. National Anthem
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