This one safeguard can stop both fraud and human error.
Hannah had been the bookkeeper at a small company for years — diligent, reliable, trusted.
One morning, she received an email from a regular supplier letting her know their bank details had changed.
Ever efficient, she updated the records and paid their next £17,000 invoice to the new account.
You can probably guess what happened next.
A few weeks later, the supplier called: “We haven’t received payment.”
That’s when Hannah realised the email had been fake. She’d been scammed — and the money was gone.
It was a gut-wrenching moment.
But here’s the thing… who’s really at fault?
Sure, Hannah could have double-checked the new details. But ultimately, her company created a system where one person controlled the process from start to finish — without anyone else reviewing her work.
That lack of checks and balances made the fraud possible.
This kind of setup is common in smaller businesses, where everyone wears multiple hats. But best practice is to divide financial duties — for example, having one person approve invoices, another authorise payments, and a third reconcile accounts.
It’s called division of duties — and it’s one of the simplest, most effective ways to prevent both mistakes and fraud.
At Insight Associates, this principle isn’t optional. It’s built into everything we do. In fact, no fewer than four people are involved in every client payment.
That means every transaction is verified, cross-checked, and signed off — protecting your business from costly errors and fraud.
It’s the kind of system big corporates take for granted — and we bring it to growing companies turning over £1m+ who want the same professionalism and peace of mind.
If that’s what you want from your finance function, let’s talk.
Just email garry@insightassociates.co.uk or call 01279 647 447 to arrange a no-obligation chat with me or one of our specialists.
