05/29/2026
The 2022 Association of Certified Fraud Examiners (“ACFE” ) Report to the Nations shows that small businesses (those with fewer than 100 employees) experienced the highest median loss from fraud—over $150,000. The schemes that impacted small businesses more than large companies were incidents of “skimming and check and payment tampering.” Plus, there were many cases of financial fraud involving billing, payroll, expense reimbursements, and cash larceny.
Nearly half of the fraud incidents were, according to the ACFE report, due to a lack of internal controls and the override of existing controls. That is why it is imperative for small businesses to implement and enforce financial controls in their companies.
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Small businesses need internal financial controls to prevent fraud, cash flow issues, and bankruptcy. Implementing 24 key controls helps reduce risk and protect assets.