How to Prevent Fraud in a Small Business

Small businesses are the most vulnerable to occupational fraud and abuse, according to the Association for Certified Fraud Examiners (ACFE). In its 2002 Report to the Nation on Occupational Fraud and Abuse, ACFE cites that the smallest organizations, 100 employees or less, suffered higher median losses than did the largest organizations (10,000 employees or more). While the largest companies suffered losses of $97,000 on average, small businesses’ losses averaged $127,500 based on…

Read more Leave a comment

5 Things to Consider When Hiring A Business Consultant

IS THERE A NEED TO HIRE A BUSINESS CONSULTANT? Who Should Read This? This guide is written for all business owners and executives who want to get help turning their company, one area at a time, into a best-in-class operation. It is especially aimed at small business owners and especially anyone who may need to access capital or implement a succession plan in the next 5 years. The problems discussed…

Read more Leave a comment

Small Business Fraud – The Trusted Employee

Small businesses have it rough. They’re particularly vulnerable to fraud because they lack the resources to implement complete systems of internal controls and properly segregate accounting duties among their limited staffs. The following is a scenario seen all too often… Bob and his brother, Bill, owners and operators of Acme Tractor for 30 years, were close to retirement. A local bank had continually financed Acme, which had an inventory of…

Read more

Are the best business owners Control Freaks?

I hear it all the time, “Well, of course, you HAVE to stay in control…” Generally, This thinking appeals to business owners who; 1. Don’t know how to find high quality, high performing staff and have unconscious trust issues (I can’t trust anyone to do the job properly). 2. Have a big ego – and need to be seen as the almighty great leader to feel important 3. Need to be…

Read more

Congratulations to Brad Kanter on his CFE Certification!

According to the ACFE, the designation Certified Fraud Examiner (CFE) is “Recognized as the ‘Gold Standard” and requires a comprehensive understanding of the following major disciplines of fraud examination: 1. Fraud Prevention and Deterrence 2. Financial Transactions and Fraud Schemes 3. Investigation 4. Law/Litigation Questions for Management: Are you vulnerable to fraud? Do you have adequate controls in place to prevent it? Test your company’s fraud health! Our firm continues…

Read more