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According to the Association of Certified Fraud Examiners report 28% of businesses under $100 million in revenue, reported accounting fraud or theft in their business.
“Reported” means that these businesses tried to get someone arrested. On the flip side, you have to think about the businesses that experienced fraud, but didn’t report it or try to get someone arrested. This means that the numbers are much higher than 28%. To make matters worse, according to that same report, the average size of the fraud was $200,000 per occurrence for businesses with fewer than 100 employees.
A per occurrence amount of $200,000 is a massive amount of fraud and businesses must make extra sales just to make up for what was stolen.
What can you do?
By following these steps, you’re going to have the best chance at avoiding fraud. If you suspect fraud in your business or if you’re interested in learning more about our TGG team of four structure, contact us today!
This post was reviewed by our team of accounting and financial experts. TGG’s mission is to make business owners’ lives better through excellent financial management. We strive to provide the most up-to-date and objective information on accounting-related topics so our readers can make informed decisions based on factual content. All posts undergo a review process with at least one member of our Leadership Team to ensure accuracy.
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