Nursery World - Nursery Management: Business

How can early years settings reduce the risk of financial crime?
Robust procedures and trustworthy staff are key, finds Katy Morton.

Like any other business, early years settings are at risk of financial crimes that can result in significant loss of funds, be very damaging to a nursery's reputation and even lead to closure.

Providers without a general awareness of the law or robust and transparent systems in place could leave themselves open to crimes such as fraud, theft or money laundering.

On top of this, owners and managers need a real understanding of how the free entitlement, funding formulas and mechanisms work, so they can be sure the amount of money they receive is correct.

'While local authorities are increasingly auditing the application of early years entitlement funding, they may find out too late that there is a problem,' says Catriona Nason, director of business support service Daycare Doctor. 'Having robust processes and procedures in place can help providers protect their business.'

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