Frauds Average $200k Each
Are You at Risk?
Imagine if this happened to you…
A communications firm was reeling from a fraud in their accounting department.
Their Bookkeeper had charged $20,000 of personal expenses on the corporate card and struck a deal with the Controller. The Controller paid the personal bills with company funds, and the Bookkeeper would pay the firm back in installments.
Luckily, all bank correspondence was mailed directly to the firm’s Owner. He was alerted to the fraud when one of the Bookkeeper’s installment payments to the Company bounced.
The company retained The A Team to run the department until a new permanent Controller and Bookkeeper were found.
The A Team assessed the firm’s losses and assisted them in receiving full restitution from the Bookkeeper, in addition to handling the day-to-day work. To minimize future risk, The A Team worked with the company’s CPAs to implement internal controls.
With the help of The A Team, the firm:
1. Received full restitution
2. Continued business without interruption
3. Bolstered its systems to avoid future problems
Most frauds happen at small businesses, costing them an average of $200,000 per occurrence. Many go undetected and put small companies out of business.
Don’t become a victim. The A Team can help you develop strong internal controls and checks & balances.
Contact us today to improve your fraud prevention.