Should you be concerned about possible fraud in your business?  You bet. Here are some things to pay attention to when it comes to business fraud prevention. You may think that because your agency is a small business that you aren’t susceptible to employee theft and fraud. In our work with agencies, the biggest problem is the lack of owner understanding about financial process and how reports and statements are constructed. If you don’t have a good understanding you are a prime candidate for being bilked out of tens of thousands of dollars. At the low end. For smaller businesses especially, the burden of fraud can be very costly. Statistics show that the median loss for a small business is well over $200,000. Making business fraud prevention a priority will help ensure that you do not become a victim. With a little bit of effort, you can effectively reduce the likelihood of fraud in your business. Sadly, we could tell you too many stories  of hard working owners being defrauded by very clever thieves. And those thieves are usually employees.  The worst case I was involved in finally discovered the bookkeeper had slipped more than $400,000 out of the company coffers over a five-year period. He had a wonderful home and all the trimmings, paid for by the agency. The bad news: local authorities are hardly interested in business fraud cases that are not in the millions. It is difficult to prosecute the thief, and he goes on to his next victim.  Often, the only way to collect is to report the thief to the IRS for non-payment of back taxes on the money that was stolen. The FBI tells us that the funds are often [...]