Header
Header
Skip to main content Skip to search
  • Help Center
  • Open an Account
  • Sign On
  • Careers
  • Find Us
  • About Us
Primary
ArticleDetail
h1

Tips for Combating Fraud Before it Happens

Share current LOB: SmallBusiness

Fraud, theft and crime are estimated to cost U.S. businesses five percent of their annual revenue. Focused on launching a business or navigating a challenging economic environment, small business owners often lack the business systems and personnel to properly protect their business assets. Furthermore, small businesses frequently do not have adequate back-up plans for recovering from serious theft or crime.The Top Sources of Fraud in the U.S. (1)

The top sources of fraud involve billing/false invoicing, cash paybacks, check tampering, skimming cash and falsifying expenses. Many small businesses have historically lacked the internal resources to adequately protect their assets from these risks. Fortunately, improvements in bookkeeping software and online banking now offer the following ways to mitigate many of these risks for small business owners:

  • Electronic payments, deposits and credit cards make it safer, cheaper, faster and easier to track finances.
  • Routine financial tasks can be automated for easier auditing and better control.
  • Online systems automate fraud control.
  • Digital financials eliminate the need for paper-based transactions.
  • Easy file sharing enables your accountant to serve as a virtual CFO, who can quickly generate reports to alert you to the possibility of fraud.

Report to the Nations, Association of Certified Fraud Examiners, 2010.

This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

Supporting
PromoList
h4

Want a plan made for your business?

Use our easy online guide to find the right accounts.