MLA Companies helps small to midsize businesses and nonprofits with financial management including how to protect against fraud.
In a September study released by Association of Certified Fraud Examiners, fraud has been observed 77% more by respondents since the beginning of COVID-19. And 92% these same respondents expect to see fraud increase over the next 12 months.
Financial fraud is among the top issues observed, including payment fraud, and fraud by sellers and vendors.
The foundation for building your business is to protect what you have. Out of date financial systems, and poor cash controls leave you exposed to employees and other companies who will take advantage of your trust.
The MLA Team has decades of experience with serving private companies. One thing we’ve learned is it’s nearly impossible to predict which employees may attempt to steal from your business.
The 2014 Fraud in Small Business Report published by the same Association of Certified Fraud Examiners identified the top types of fraud in businesses with less than 100 employees.
The statistics are telling. Billing fraud and check tampering were the second and third most common types, only after corruption. And they are much more prevalent in small businesses than large.
Business owners and nonprofit directors should randomly check financial reports and information. Backup your data daily so it can later be used to prove fraud.
And while these may seem like commonsense controls, during the daily routine of doing business with people you know and trust, sometimes CEOs and managers may not be as diligent as they should be.
Having proper internal controls against fraud can save your business or nonprofit not only a lot of money, but the time and distress to untangle the fraud and replace the perpetrating employee.
MLA Companies can help you with all these needs. We are financial experts, and our experience with finance, strategy and solutions helps you get back to building your business. For MLA, that’s Business Redeemed.