The latest statistics on fraud should be a wake-up call for every small business owner. According to a survey by HISCOX, a specialty insurance company, 80 percent of embezzlements occurred at small businesses and 30 percent involved a loss of more than $500,000.
With more work is being done remotely, including paying vendors and processing payroll, you must have controls and processes in place to avoid this happening to you.
In this episode, we welcome Vicki Suiter, who shares simple practices and processes to help you avoid accounting fraud and stealing in your business.
Since starting Suiter Business Builders in 1990, Vicki has helped hundreds of contractors and designers build solid foundations for their businesses, run operations more efficiently, and achieve the kind of success they never dreamed possible.
Vicki’s articles and opinions have been widely shared in print and across the web. She is also the author of book “The Profit Bleed” – How managing margin can save your contracting business.
Victoria, Mark and Vicki talk more about:
- Why small businesses are targets in 80% of all embezzlement cases.
- The most common place where people “steal” money.
- Other ways employees and contacts embezzle funds from a company that are less obvious.
- Recommended controls and practices a contractor should have in place to avoid this happening to them.
- “10 Ways to Spot Accounting Fraud”
Here is the link to the resource mentioned, “How to Spot Accounting Fraud”