Fraud Prevention – Internal Controls
You’re right to be worried about employee embezzlement. Over 20% of small and medium size businesses experience fraud – and the #1 perpetrator is the loan-wolf employee.
The smaller the embezzler’s company, the more likely the thefts will ruin the business, according to the Association of Certified Fraud Examiners. Its 70-page study on nearly 1,000 case studies of workplace theft nationwide noted that the median loss suffered by businesses with fewer than 100 employees was $200,000, higher than the median loss in any other study category, including the largest corporations.
Small-business owners often don’t see through the embezzler’s complex web of fake accounts, diverted phone calls and forged signatures for months and even years. Some don’t take relatively simple steps to avoid being victimized.
You can reduce your risk of fraud by working with a GrowthForce Team of outsourced bookkeepers, managers and a controller following rigorous procedural guidelines. We implement procedures to minimize risk of fraud. We compare and analyze canceled checks, review audit trail reports, lockdown prior periods and watch for warning signs.
All GrowthForce employees are heavily screened and background checked, and because they work in teams with multiple layers of oversight, you can rest assured that if someone’s is trying to rip you off, it is much more likely to be exposed.
GrowthForce carries insurance coverage for professional liability and employee dishonesty.
