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Welcome to Our Blog!

Check back for current news on our company and the financial industry.

How Much Do Businesses Lose to Fraud?

As a small business owner preoccupied with the endless demands of growing a successful business, fraud is a hurtful and devastating offense a trusted employee can commit. Although it is nearly impossible to spot fraudulent activity during the time it occurs, one way to protect the business is to follow a strict separation of fiduciary controls. Within this structure incorporating an outsourced bookkeeper can add a layers of review on the operations of the business.

The horror stories about fraud are ubiquitous with the tale of the employee that made off with millions for years buying everything from fancy dinners to having an overall extravagant lifestyle. According to Accounting Today it turns out businesses lose about “5% of their annual revenues to occupational fraud…with total losses estimated at about $3.5 trillion” read the full article here.

As a business owner, do you have a clear picture of your bookkeeping procedures and regular reports on financial performance? We offer complimentary consultations (just call 888-564-5777 or email info@sumofallnumbers.com) for any questions you may have about maintaining solid bookkeeping procedures. We also offer evaluations of your current bookkeeping in case there are additional controls you could put into place.