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5 Most Common Frauds In Small Businesses

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According to recent statistics, 90% of Australian businesses were targeted by some form of fraud attack – including cyber fraud in 2017. 

Fraud happens everywhere, and no business is safe from attack. No matter the size of your enterprise, fraud is a common threat that owners should remain aware of, especially as your business grows and develops.  

Many small business owners encounter difficulty in keeping track of everything, especially with so many demands on their time. Notwithstanding, small business owners should take the time to understand what kinds of fraud they might be at risk of, as well as some strategies to stay on top of potential risks.

Here are 5 common frauds that occur in small businesses:

1. Cash fraud 

Cash fraud is a common threat to small businesses that deal in physical currency. There are several ways that cash can disappear from a small business’ coffers:

  • Skimming – when employees take money from the company before it’s been formally recorded in the accounting system. This could be at any small business where the takings are in cash and not automatically reported through a point of sale system (POS). Businesses that are lenient with prices and offer combo deals can make it difficult for employers to take stock of earnings against inventory. This makes small businesses especially vulnerable. 
  • Larceny (theft) – where employees syphon cash that has already been reported into the POS system, or accounting mechanism. 
  • Fraudulent disbursement – when employees erroneously or intentionally release funds to themselves or a third party without a lawful basis to do so. 

Whatever the method, cash fraud is a difficult activity to monitor and should warrant establishing proper cash monitoring systems in your business. 

2. Payroll fraud 

Payroll fraud occurs when employees lie about their productivity, the number of hours worked or the number of sales to obtain a greater wage than they are entitled to receive. Employees could even ask for advance payment of their wage or salary and never pay it back.

Payroll fraud is increasingly common – especially in small businesses where a lack of accountability in monthly reporting can create opportunities or loopholes for employees to engage in fraudulent behaviour. Depending on the payroll system your business may be at higher risk than others. It’s important to establish the correct payroll system that suits you and your employees’ needs. 

3. Invoice fraud 

Invoice fraud happens when an employee (for example in accounting or in sales) generates and submits false invoices for payment to the business as a means of stealing money. Examples of invoice fraud include:

  • Invoicing for products or services that were never existed or never bought
  • Setting up a fake company to send money to
  • Awarding fake contracts to family or friends 

Invoice fraud can happen within or outside of a business. It doesn’t necessarily require someone inside the business to create a fraudulent invoice. Anyone can send an invoice to a company and hope for payment – or know someone in accounting who will do the deed. 

4. Banking fraud 

Banking fraud is one of the more recent additions to this list. With the rise of online banking, there are growing numbers of false transfers between accounts online. Any transaction ongoing or outgoing should be monitored with care and attention. As the means of cybercrime grow in complexity and capacity, small businesses stand to lose out the most when it comes to online phishing or fraudulent behaviour. That’s why you have to be careful when choosing your bank and go for safe options such as Currenxie. Check out Startys review of Currenxie for more info.

5. Email fraud 

Have you ever received an email from your “bank” or a “friend” needing you to urgently change your account details or sign up for some special new system? Welcome to the world of email fraud. While most email fraud is fairly easy to spot, fraudsters are getting better at making their scam emails more convincing every day.

Email fraud has indeed been around for a while now. It’s the common phishing tactic employed by many fraudsters who try to gain sensitive information to hack or change your existing payment arrangements. Often, this type of fraud is difficult to catch and can result in serious losses of funds. 

Checking your accounts regularly and staying ahead of late payment emails can help alert business owners if something is up.

How to protect your small business

Developing proper oversight and internal security measures is essential to making sure your small business is as safe as it can be from fraudulent activities. But while proper oversight when it comes to accounting and payroll is one side, building trust between employees and throughout the business is also critical to ensuring the safety of your proceeds. 

If you are planning to leave your business to your kids and want to ensure its longevity, get in touch with will lawyers who can help you navigate the law when it comes to estate planning and inheritance. Will dispute lawyers can help ensure your legacy is both secure and benefits those closest to you. 

 

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Why Small Businesses Should Consider Enterprise Transcription Solutions

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Every business has different needs when it comes to transcription services, which is why there is no one-size-fits-all solution. However, enterprise transcribing solutions are becoming increasingly popular among small businesses due to the many benefits they offer. In this article, we’ll discuss why small businesses should consider enterprise transcribing solutions and some of the top features to look for.

What is transcription?

Video and audio transcription refer to the procedure of converting video or audio recordings into written text. It differs from translation since translation refers to the conversion of recorded or written information from one language to another. Worthy (2021), an expert from Forbes Business Council highlights the importance of translation services for businesses in a Forbes 2021. Transcriptions can be used for a variety of purposes, including creating subtitles for videos, creating transcripts of audio recordings (such as interviews), or creating notes from meetings.

There are a number of different transcribing solutions available, but enterprise transcribing solutions are designed specifically for businesses. These solutions offer a number of advantages over other transcribing solutions, including:

– Enterprise transcribing solutions are more accurate than other transcribing solutions. This is because they use advanced speech recognition technology that is specifically designed for business use.

– Enterprise transcribing solutions are faster than other transcribing solutions. This is because they can be used to transcribe multiple audio or video recordings at the same time.

– Enterprise transcribing solutions are easier to use than other transcribing solutions. This is because they come with a variety of features that make it easy to transcribe audio or video recordings, such as automatic timestamps and speaker identification.

If you’re running a small business, enterprise transcribing solutions can be a valuable addition to your workflow. These solutions can help you save time and ensure that your transcriptions are accurate and easy to read.

What are the benefits of enterprise transcribing solutions for small businesses?

There are several benefits of enterprise transcribing solutions for small businesses. First, enterprise transcribing solutions can help improve the efficiency and accuracy of your business’ transcribing needs. With an enterprise solution in place, you can be sure that all of your business’ transcribed documents are accurate and up to date. This can save you time and money in the long run, as you won’t need to waste time and resources fixing errors in your transcriptions.

Another benefit of enterprise transcription solutions is that they can help improve your customer service. With accurately transcribed customer service recordings, you can provide your customers with better service by quickly and easily resolving their issues. This can lead to happier customers and repeat business.

Finally, enterprise transcribing solutions can help save you money on transcribing costs. By automating your transcribing process, you can eliminate the need to hire expensive transcribers or outsource your transcribing needs. This can lead to significant cost savings for your small business.

How can small businesses find the right enterprise transcribing solution?

There are many enterprise transcribing solutions available on the market, and it can be difficult for small businesses to find the right one. However, there are a few things that businesses should keep in mind when looking for a transcription service provider.

First, businesses should make sure that the transcribing solution is compatible with their existing systems and infrastructure. This will ensure that the transition to the new system is smooth and seamless.

Second, businesses should consider the features and functionality that they need from a transcribing solution. Some solutions offer more features than others, so it’s important to choose a solution that offers the right mix of features for your business.

Third, businesses should consider the price of the transcribing services. Some solutions are more expensive than others, but it’s important to find a solution that fits within your budget.

Finally, businesses should read reviews of enterprise transcribing solutions before making a final decision. This will help you get a better idea of which solutions are the best fit for your business.

Conclusion

As a small business owner, you are always looking for ways to improve efficiency and cut costs. One way to do this is to invest in enterprise transcribing solutions. Enterprise transcribing solutions can help you save time and money by automating the transcribing process. In addition, enterprise transcribing solutions can help you improve your customer service by providing accurate and timely transcriptions of customer calls. If you are looking for ways to improve your small business, consider investing in enterprise transcribing solutions.

If you are considering investing in enterprise transcribing solutions or seeking enterprise transcription services, contact a reputable provider to learn more about your options.

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Top Ways to Build Trust & Safety in Your Company

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As an employee, you need to trust your company to do your job well and that they have a plan for you as they hire you. Trust is essential in any organization but can often be challenging to achieve and maintain. If you work with others, building trust becomes even more critical. You need to make sure everyone thinks positively about the company and their roles within it. If you don’t see this happening, there are many things you can do to help improve the situation. This blog will provide practical tips to help you establish trust and safety in your company.

Use trust and safety software.

Trust and safety software is a great way to tackle trust and safety initiatives within your company. Having tools and resources to guide you can make implementing trust and safety much more manageable than figuring it out on your own. There are many different trust and safety software solutions available. Finding the one that best *Your organization’s needs are essential. Trust and safety software can help you create a clear strategy for building trust and safety.

Build a Culture of Transparency

Transparency builds trust. Transparency shows your employees that you trust them. It shows that you respect them and their time. You need to be transparent if you want employees to take ownership of their tasks and feel invested in the company. Don’t hide things from your team that you think they don’t need to know. Transparency builds a culture of trust and helps everyone to feel valued. You can do this in several ways.

Some of the most effective are blogging weekly, holding regular meetings, and setting up regular team meetings. While it can be helpful to have an open-door policy, it’s also important to remember that people have different levels of trust within organizations. Some employees may feel more comfortable hearing certain things discussed in person or over the phone. Others might feel more comfortable blurring that boundary by posting certain things online.

Don’t micromanage

Some managers feel obliged to control every aspect of their team members’ work. They might try to “oversee” even small tasks, ensuring that nothing is missed or done incorrectly. As a result, they end up micromanaging their employees, causing a lack of trust. If you see signs of this happening, be careful. Be understanding. Be yourself. You don’t have to be the best manager in the world, but you must be a good manager. If you are micromanaging aspects of your employees’ work that you’re not supposed to, it shows that you don’t trust them to do their jobs well. Effective trust and safety require managers to avoid micromanaging businesses.

Communicate frequently

Communication is essential in maintaining any relationship. It shows your employees that you trust them to get their jobs done. It shows them that you care about them and their work. It also provides you with feedback, which can be extremely helpful in improving your team’s skills and working conditions. If there isn’t enough communication in your company, try setting up regular office hours where you and your team members get together to talk about your company and your work.

Communication is also beneficial when resolving any problems in your company. When issues need to be resolved, the team members who experienced them will be able to share their experiences and help others prevent similar problems from occurring.

Show you care by celebrating success.

Celebrating your employees’ successes will show them that you care about them. You’ll also show them that you trust them. There are many ways to celebrate employees’ success. You can have a happy hour every so often, give out awards for specific achievements, or take the time to acknowledge that employees are doing a good job. Successful celebrations allow team members to share their achievements and feel as if they’re part of something bigger than just their own company. They’ll also feel you trust them because you’re showing that you trust them by acknowledging their work. Celebrating also encourages team members to continue doing good work.

Hold regular meetings

Holding regular meetings can help to maintain communication and also boost team morale. It can also help set expectations and ensure everyone is on the same page. If you feel communication is dropping off in your company, try having a “time-out” where everyone gets together and discusses what they’re noticing and what they think needs to be done. This can help to bridge any gaps and also boost morale. You can also have a trust and safety department in your company to manage related issues.

Conclusion

Trust is hard to build and easy to lose. We must constantly look for ways to build trust in our employee relationships. It can be done through transparency, being a good manager, and holding regular meetings. These are all ways that you can build trust in your employees. It would be best to keep these principles in mind so you don’t lose trust in your company. There are also other ways that you can build trust in your company. These include blogging, holding office hours, and celebrating your employees’ success. These can help build trust in your company and keep everyone safe.

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Path to Become a Professional Data Engineer

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Data science is evolving daily, and the techniques and methodology of studying the data are changing rapidly. There was a time when data was available in a database, and data engineers only needed to build a simple script using R or Python to make it accessible to every department of the organization. But now, time has changed, and data is growing expeditiously.

As technology is evolving, more and more data sources inevitably get added. With the increase in the use of internet devices, terabytes and petabytes of data accumulate so quickly, which is not that easy to manage. Companies need data engineers to extract the needful information from the extensive data and give meaningful insights to help them make big decisions. Hence, there is a tremendous demand for data engineers in small and large-scale companies.

This article provides an easy and effective path to becoming a data engineer. Many of these resources are covered in the best data engineering courses Hero Vired offers.

What Do Data Engineers Do?

Data engineers are essential for data-driven companies such as telecommunications, entertainment, healthcare, etc. Data engineers are in charge of gathering data from diverse sources and creating data systems to clean, convert, and prepare the acquired data for data scientists and analysts to examine further. By creating complex queries, they make the data viable. These engineers ensure that data is transferred between servers and apps without interruption.

Data engineers are regularly employed after completing their technical education, and this occupation does not require a high level of academic or scientific understanding, in contrast to data scientists. For this profession, developers or engineers who love massive structures and architecture are ideal.

Steps to Become a Professional Data Engineer

  1. Become Proficient in Programming Language

Data engineering is an integrated term that lies between software engineering and data science. To become a professional data engineer, you must have a comprehensive knowledge of software engineering to start brushing up on the foundational programming skills required to become a data engineer.

Python and Scala are two central programming languages data engineers use to create a data structure.

Learn Python Programming 

It’s crucial to grasp how to construct software in addition to writing Python scripts while using Python as a programming language. Effective software is well-tested, well-structured, and fast. Therefore, you need to employ the appropriate algorithm for the task.

Learn Basic Scala

Scala is the foundation of a lot of data engineering tools. Scala was developed using a static type system and solid functional programming principles. It is compatible with the numerous Java libraries offered in the open-source community since it operates on the Java Virtual Machine (or JVM).

  1. Learn Automation and Scripting

Data engineers must know how to automate most of the tasks. As a data engineer, you need to perform some tasks frequently, and knowing automating tools helps you automate the frequent tasks. For example, You need to clear the data every hour; doing it manually takes time. Here using automation tools will save you time, and you can focus on more critical tasks.

Shell and CRON are the two most popular automation tools exerted with a programming language to automate the task of data engineers.

  1. Understand Database

Start with Learning Basics of SQL

Structured Query Language (SQL) is a well-established language for understanding everything related to data. It is a self-explanatory language, meaning the code describes ‘what to do’ instead of ‘how to do.’ 

Learn how to model data

Data models are defined as a data structure that shows how systems interact with the entities and what they were built on. Data engineers are required to understand these data models to create the structure per the organizations’ needs.

Learn how to organize an unstructured data

Sometimes unstructured data is stored in a database. You must know how to organize this data more straightforwardly and put the numbers under the correct category. 

  1. Master the Data Process Technique

While working with data, you need to gain mastery of data processing. Data processing is known as finding the data from several resources and further processing it to meet the organizational goals. Data has been processed in two different ways: in batches and streams, and you need to practice both to be ready for any situation.

  1. Schedule your workflows

Once you have successfully built the process, you need to learn how to schedule the workflow regularly to save time. Choose an automation tool that better suits your workflow. Data keeps evolving, and you may need to change your workflow accordingly. This is why it is suggested to choose the automation tool wisely.

  1. Study Cloud Computing

Once upon a time, the data was stored in the data center. Companies need to purchase several servers to store their data. The impossibility of each business operating its servers was the issue that led to the development of cloud platforms, which centralized processing power. The cloud platform may allocate processing power appropriately if one customer is inactive while another may be experiencing a high period. Today’s data engineers must be able to operate with various cloud systems.

  1. Keep Yourself Updated with the Trend

Last but not least, data engineering is a vast field that keeps changing. After equipping all the knowledge and skills to be a professional data engineer, you need to upgrade yourself with market trends. You can do so by joining Bootcamp, certificate courses, and watching videos related to market research on the internet.

Conclusion

Apply what you have learned during the journey of equipping yourself with the knowledge and skills to be a professional data engineer. Although to start your career, you don’t need to be an expert in all the above-stated tools. If you know about cloud computing, you can step into the junior-level data engineer role and, while doing your job, can become a multitask.

Hero Vired is a premium institute started by the Hero group to provide industry-oriented courses, including an integrated certificate program in Data Science, Machine Learning to interested people. Here you can start a data engineering career by joining online courses

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