Giving you a
little time for
yourself

Talking Cents

December
November
October
September
August
July
June
May
April
March
February
January

Types of fraud in your business, by small business accountants in Sydney

Being able to prevent fraud in your business is vital due to it affecting businesses of all sizes in all locations. The best way for you to avoid this happening to your own business is to ensure you have the proper security and management throughout the entirety of your company. Our small business accountants in Sydney have some useful strategies on how you can avoid fraud in your business.

At first you need to know that there are many different types of fraud that can come about but can be broken down into three different categories:

  • Asset misappropriation: stealing cash before or after it has been recorded, making a fictitious expense reimbursement claim.
  • Corruption: an employee uses their influence in business transactions for their own benefit while violating their duty to their employer.
  • Financial statement fraud: involves omitting or intentionally misstating information in the company’s financial reports.

All of which are schemes in which an employee steals or exploits its organisations resources, by which a simple business accountant can determine and stop the fraud.

If you have enquiries about business fraud, don’t be afraid to ask our small business accountants in Sydney for help.