Are you protecting the value you’ve built in your business? Lately we’ve talked a lot about employee theft and embezzlement. But what about the value that you can’t put in the bank? Trade secrets are hard to place a value on, but can be a vital part of your competitiveness and profitability.
In the USA, companies lost nearly $300 billion to trade secret theft last year. Is your business at risk?
In small business accounting, honest mistakes happen. Dishonest mistakes happen too – all too frequently. Both can be prevented with the proper processes and procedures for cash handling and accounting … but only if you are on the lookout.
Think it couldn’t happen to you? Think again: most fraud happens in smaller companies, because they lack the controls and procedures to prevent it. In fact, more than 31% of companies with fewer than 100 employees will experience some kind of embezzlement or check fraud, the highest rate of any business size category. (Association of Certified Fraud Examiners 2012 Report).