Payroll fraud is when employees cheat the payroll system at their place of employment, thus receiving funds that they are not entitled to. Similarly, occupational fraud is when an employee uses their occupation for personal enrichment through the misappropriation of resources or assets. The second podcast in the “Fraudcast” series covers these serious issues with CPA Stephen King. He is a member of GrowthForce, a Client Accounting Services firm that desires to help small business grow and nonprofits prosper. Through making conscious decisions to build a reliable team and maintaining professional boundaries, anybody can reduce the risk of falling victim to fraud.
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.”