It can happen to businesses of all sizes, from small family businesses to large corporates, and in all sectors, from retail and manufacturing to charities and schools.
It can involve bookkeepers, accountants, financial directors, heads of departments, head teachers....... people who are close colleagues and personal friends, even relatives..... anyone who is in a position of trust and responsibility.
According to accountants KPMG the typical fraudster is male, 36 - 45 years old, works in the finance function or in a finance-related role, holds a senior management position, has been employed by the company for more than 10 years, works in collusion with another perpetrator,
Usually, fraud is not detected until a significant loss has occurred, perhaps over several years. By which time it may be too late to recover the losses and the business may be at risk of insolvency.
The majority of businesses employ trustworthy people. But sometimes the most trustworthy people experience changes in their lives which lead them to behave out of character.
Identifying that a colleague is stealing from your business difficult if the culprit is in a position of trust and has the knowledge and ability to manipulate the financial records and books.
However, there are a number warning signs to look out for which may indicate that fraud is being committed.
Outsourcing the day to day bookkeeping and accounting, together with payroll, removes the opportunity of internal fraud.
Our 'virtual accounts office' handles everything off-site on our premises, giving total confidentiality. None of your employees need know the details of your business finances. Access to company funds is fully regulated and audited.
To find out how we can provide your business with a secure 'virtual accounts office' contact us now.