Cash skimming, sometimes referred to as skimming, involves taking money from a business prior to it entering the accounting system. It is a serious, while easily undetected, form of tax evasion. The first podcast in the “Fraudcast” series welcomes CPA Stephen King to center on cash skimming and the most proactive means of avoiding it. Steve is a member of the Client Accounting Services firm GrowthForce. The organization aims to assist small businesses and nonprofits in advancing, granting access to spaces typically reserved for larger accounting teams. With the proper allocation of duties, along with honest education, business owners and clients can prevent being scammed.
Is Your Business Vulnerable to Fraud? Don’t rely on a system based solely on trust!
Implement the necessary Internal Controls and Separation of Duties to Detect Prevent, and Reduce Fraud in Your Business
“If these discussions on fraud are making you think twice about protecting your business, one of the most impactful ways to reduce the risk of fraud is to outsource your accounting to a professional service provider like GrowthForce. GrowthForce assigns a 3-person dedicated team, so your business is set up with separation of duties and internal controls immediately, and policies and procedures to thwart every type of fraud scheme are a key part of their services. Don’t rely on Trust! The average loss for SMBs is $200 thousand dollars per case. Visit www.growthforce.com and click the orange button to schedule a demo or request a quote. You’ll not only Reduce Risk in your business, but also have the actionable financial intelligence you need to Increase Profits and Improve your Cash Flow.”