An article from the CPA Practice Advisor reports that although the risk of financial fraud is higher than ever, small businesses still do not take security seriously enough. Most small businesses do not put security measures in place until they have already become victims of fraud. The CPA Practice Advisor reports that “small businesses are the most common victims in fraud instances, with the highest rate of fraud (31.8%) of any business size category and the largest median loss”. This means that it is of utmost importance to have security measures in place to prevent fraud. Some of these measures can include, but are not limited to: securing documents properly, conducting employee background checks, using online browsing protection, and conducting regular checks of the business’ finances.
Small businesses should take precautions towards protecting their financial security before financial fraud becomes a problem. The article from the CPA Practice Advisor is linked below. If you have questions about how to keep your small business financially safe, contact us!
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