10/24/2018
10 Steps to Avoid Business and Employee Fraud
Small and mid-sized businesses are more vulnerable to fraud than larger organizations, and the effects can be more damaging. The types of fraud that businesses need to be aware of generally fall into three categories: Theft, financial statement fraud and asset misuse. Theft, or misappropriation of assets, makes up the majority of fraudulent activity, according to the Association of Certified Fraud Examiners.
These thefts, either by directly stealing cash, claiming bogus expenses or taking other property, are usually done by employees. This is a tough fact for many small business owners, who often consider their employees as friends and even members of an extended work family. The other primary types of fraud involve financial statement reporting and general corruption, such as kickbacks or other schemes in which the employee benefits personally by violating their responsibility to the employer.
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Shared from: CPA
Laurie Seligman Associates, Inc. has been helping small and medium size businesses with their Bookkeeping, Payroll, System Creation and Conversion as well as Training and Consulting. Started 23 years ago in San Antonio, Laurie Seligman Associates, Inc. serves their Clients in Bexar County as well as the rest of the United States. Need help with your books call today for a no cost consultation with one of our Experts.
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